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The Missouri Department of Economic Development (DED) has announced approval of state tax credits for a Hannibal business under the Enhanced Enterprise Zone (EEZ) program to assist in the creation of six new jobs and new investment of $300,000. The announcement about Hannibal Machine, Inc., follows major jobs announcements last week in Columbia and Lebanon involving the creation of 500 new jobs.
Hannibal Machine Inc. has been approved for $20,947 in EEZ tax credits over five years for a relocation facility. The business operation at the project facility is a manufacturing facility.
The Enhanced Enterprise Zone program was implemented in 2004. Enhanced enterprise zones are specified geographic areas designated by local governments and certified by the Department of Economic Development. Zone designation is based on certain demographic criteria, the potential to create sustainable jobs in a targeted industry and a demonstrated impact on local cluster development.