State Auditor Scott Fitzpatrick announced today that his office is reviewing one of Missouri's largest tax credit programs, which is touted as the state's top incentive tool for business expansion and retention. Fitzpatrick said his office began an audit of the Missouri Works Tax Credit Program on Friday, November 1 at a meeting with officials from the Missouri Department of Economic Development, which oversees the program.

"While I know this program has been widely hailed as the most effective tool our state has in its economic development toolbox, it's important that we take a close look at exactly what our state is getting in exchange for the approximately $100 million dollars in tax revenue we're foregoing each year," said Fitzpatrick. "A performance audit of this nature can be extremely helpful not only to give taxpayers a better understanding of how effective the program is at creating and retaining jobs, but also to provide a roadmap the department can use to address any potential deficiencies and improve the efficiency of the program moving forward."

The Missouri Works Program provides significant benefits for new and existing companies that are creating and retaining jobs in Missouri. Benefits include the retention of state withholding tax and/or state tax credits, if the benefit percentage is greater than the amount of withholdings that otherwise would have been remitted to the state for the new job creation. For Fiscal Year 2024, the program issued nearly $102 million in tax credits.

Individuals may provide confidential information for consideration during the audit of the Missouri Works Tax Credit Program to the State Auditor's Whistleblower Hotline at 800-347-8597, by email at moaudit@auditor.mo.gov or by visiting www.auditor.mo.gov/hotline.