Tax Credit System
Thu April 28, 2011
Mo. Senate gives first-round approval to overhaul state tax credit system
Early this morning, the Missouri Senate gave first-round approval to a major overhaul of the state's tax credit system.
The wide-ranging bill would phase out numerous incentive programs while reducing others. Among those being partially eliminated is a tax break enabling low-income senior citizens to offset either property taxes or monthly rent payments. It's sponsored by GOP Senator Chuck Purgason of Howell County.
"It was one of those bills that everyone didn't walk away happy, but they walked away feeling that they worked hard and that it was a good compromise," Purgason said.
Supporters estimate the overhaul could save the state around $1.5 billion over 15 years. The bill would also create new incentives, including the $480 million Aerotropolis proposal, which was added on as an amendment.
It needs one more Senate vote before moving to the Missouri House.