Reviewed Today: Over 60 Tax Credit Programs And Their $630M State Budget Impact
(Updated at 8:00 p.m.)
A Missouri Senate committee has conducted a review of the state's numerous tax credit programs and their impact on the state budget.
The Senate Appropriations Committee looked at the economic performance and cost of the tax credits Monday before starting work on Gov. Jay Nixon's proposed budget for the 2014 fiscal year.
The 61 tax credit programs currently offered by Missouri are expected to take up $630 million of the state's revenue for the current fiscal year.
The review comes as senators are working on a broad tax credit package that would reduce state expenditures on tax breaks. Committee members are warning that benefits from such reform would not be seen until years down the road because tax credits have already been issued for current projects.
A Missouri Senate committee is set to review the state's numerous tax credit programs and their impact on the state budget.
The Senate Appropriations Committee scheduled a hearing Monday on tax credits before it takes up Gov. Jay Nixon's proposed budget for the 2014 fiscal year.
The 61 tax credit programs currently offered by Missouri cost the state nearly $630 million in the latest fiscal year. Last week, the Senate approved another one, with an estimated yearly cost of $3 million, to attract amateur sporting events to the state.
The panel will also hold a hearing on the Department of Economic Development's budget Monday.
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