Incentives

Enhanced Enterprise Zone

Local and State Benefits for New and Expanding Businesses!

Purpose: To provide a stimulus for new business development or expansion that results in creating sustainable jobs in targeted industries in Salem and Dent County. Local property tax abatements are available and state income tax credits could be available to eligible businesses.

Local Benefits:
Benefits are offered locally at three levels:

1. A 50% tax abatement on real property for a qualifying business creating 5 *FTE for 10 years with an investment of $200,000.
2. A 62.5% tax abatement on real property for a qualifying business creating 12 *FTE for 15 years with an investment of $480,000.
3. A 75% tax abatement on real property for a qualifying business creating 25 *FTE for 20 years with an investment of $1,000,000.

An *FTE or Full Time Equivalent is defined for Dent County as 36 hours or more per week on a regular basis with a minimum of 50% of the cost of the health insurance provided by the employer

Electrical Rate Reduction for new job creation. The City of Salem is willing to reduce electrical rates for job creation. A business can apply prior to creating a minimum of twenty-five new jobs for up to two years. Contact:

City of Salem Office of Economic Development
400 N Iron St.
Salem, Mo 65560
E-mail economic@salemmo.com
573-729-2428