There’s a lot to love about Missouri, and Missouri Partnership is hoping to highlight some of those things in its new campaign “Missouri Loves Company.”
A play on the old saying “misery loves company,” the public-private economic development organization launched a micro-site detailing Missouri’s pro-business benefits for companies considering planting roots in the state.
“It's all about showing the love to businesses and showing them in a really fun, edgy way why Missouri makes sense for them,” said Janelle Higgins, vice president of marketing and communications for Missouri Partnership.
Missouri currently has the second lowest business costs in the nation, according to CNBC, although it ranked 32nd overall when other factors were considered. Business costs were calculated through a consideration of Missouri’s tax laws for businesses, wage, utility and property costs.
The state has a corporate income tax rate of 4%, and it has a single factor, market-based corporate income tax apportionment model, which is based only on sales.
Reports by the Tax Foundation, a nonpartisan tax policy think tank, show that Missouri has a more favorable corporate tax climate than all its surrounding states.
Additionally, in 2022, commercial electricity costs were 24% lower than the U.S. average, at 9.82 cents/kWh, and residential electricity costs were 21% lower, at 12.29 cents/kWh.
“One of the things that is very important to business executives and site selectors is cost,” Higgins said.
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