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Some businesses in Republic can have their property taxes reduced by up to 50 percent. KSMU's Emily Nash tells us about Republic's new Enterprise Zone Program.
The Missouri Department of Economic Development approved a program for the City of Republic that gives new businesses opportunities to receive property tax abatements for up to 50 percent.
The Enhanced Enterprise Zone Program provides state assistance to approved areas in Missouri, to help economic and business development.
Wally Schrock is the Principal Planner for the City of Republic and says the program can help new and old businesses.
Retail, gaming, and food and drink businesses do not qualify for the Enhanced Enterprise Zone Program.
Manufacturing, warehouse, wholesale trade, and professional service businesses in the designated zone can apply for the tax abatements.
Schrock says if businesses bring in new jobs they can also receive job credits and state tax credits through this program.
The approved zone includes about 22 thousand acres that cover the Brookline area and extends into part of Greene County.