Missouri's tax credit system audited
Jefferson City, Mo. – A state audit finds that the financial impact of Missouri's tax credits is not being accurately measured, and that better oversight is needed.
Fifteen tax credit programs were examined during the audit. State Auditor Susan Montee says the projected impacts offered by legislative staffers were off by more than a billion dollars.
"You can argue about what the dollars are, but the process is really the problem here...obviously the process we have in determining what we think our numbers are going to be is way off," Montee said.
Montee recommends that the General Assembly place caps on all of Missouri's tax breaks, and should conduct an annual review of each program.
The audit findings come as Governor Jay Nixon and lawmakers battle over whether to limit tax credits while state revenues continue to fall.