The Missouri Senate has passed legislation that would create a new tax break benefiting businesses.
The legislation approved Monday would allow cities and counties to join together to create special zones where 25% of the state withholding taxes could be diverted to help pay for infrastructure developments for businesses. The new program would be capped at $5 million of tax breaks annually statewide.
The bill describes the districts as “Targeted Industrial Manufacturing Enhancement Zones," or TIME Zones for short. It now goes to the House.