P&G To Get Tax Credit for Expansion

The Missouri Department of Economic Development will give Cincinnati, OH-based Procter & Gamble Manufacturing $500,000 in state tax credit to expand its St. Louis facility. The Development Tax Credits was approved in part because P&G made a donation exceeding $1 million to the St. Louis Local Development Co. for equipment that will be leased back for at least five years. P&G will use the equipment to establish new product lines. The tax credit program provides up to 50% of a donation to those who contribute to a non-profit corporation that uses the money to buy assets and lease them to a business.