While not all businesses qualify for utility tax exemptions, many manufacturing, processing, and production companies do. However, some companies don’t realize the value of a predominant use study in Missouri. The following are some of the ways this study can help your business.
Immediate Refund of Past Utility Taxes
While most companies are aware how a predominant use study in Missouri can save their business money in the future, it can help with past use as well. After the study, any qualifying meters for water, gas, or electric service can qualify for immediate payment of past taxes you paid in the last two to four years. This refund offers immediate cash flow that can be in the thousands of dollars.
Reduce Future Utility Costs
Once you qualify for a utility tax exemption, you can reduce your future utility costs, reducing your operating costs and boosting your profits. The taxes on your utility bills will be reduced by the specified percentage, giving you monthly savings that will quickly add up.
Improve Your Efficiency
In addition to reducing your utility taxes each month, a predominant use study in Missouri can help you improve your energy efficiency in your company. By looking closely at the monthly energy use, you can find ways to further reduce your operating costs and increase your profits.
Resource Box: If you’re ready to get a predominant use study in Missouri, visit the B. Riley Financial website to learn more.