Client Profile
| Industry: | Pharmaceutical Research & Development | | Annual Revenue: | $2 billion | | Entity Type: | Private | | Geographic Footprint: | International | |
Issue
A pharmaceutical R&D firm in Missouri sought to expand its current location by renovating existing buildings and adding new equipment, which totaled an investment of over $40 million. In addition, the company planned to create several hundred new jobs.
Solution
CBIZ’s Tax Incentives Group worked with the firm to proactively develop a detailed spreadsheet of all investment expenditures, new job wages and benefits and the timeline to accomplish this project. We incorporated the information into an application for economic development incentives and presented it to the state economic development agency. Our team completed the application and assisted throughout the reimbursement process to ensure the pharmaceutical firm maximized its available benefits.
Outcome
The state approved the pharmaceutical firm for financial benefits that both reduced its tax liability and provided a direct cash incentive, which totaled nearly $5.5 million in state incentives. CBIZ helped the company ensure that all requirements for the incentives were met and the benefits were distributed according to a defined, multi-year schedule.
Assistance in Obtaining Economic Development Incentives in Missouri
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