The Missouri House passed legislation on Thursday curtailing two of the state’s largest tax credit programs.
State Rep. Anne Zerr’s bill would reduce the historic preservation tax credit’s cap to $90 million from $140 million. That program helps refurbish older buildings and has been used extensively throughout St. Louis.
The bill would also gradually reduce the cap on the tax credit for low-income housing to $110 million from $140 million. That credit provides an incentive for developers to build housing for the working poor, elderly and disabled.
Missouri House leaders have confirmed they’re returning to Jefferson City next week to resume the special legislative session -- but their return doesn’t mean that there’s been any breakthrough on an economic development deal.
The special session ground to a halt last week because House and Senate leaders could not agree on whether to place expiration dates, or sunsets, on historic preservation and low-income housing tax credits, or on how much oversight Governor Jay Nixon’s (D) Economic Development department should have over some incentives.
A Missouri House committee has dealt what could be a fatal blow to the passage of the wide-ranging tax credit bill that lawmakers have been battling over throughout the special legislative session.
The House Economic Development Committee adjourned for the day without taking it up for a vote, which means the full House cannot vote on it Friday unless it suspends the rules. Chairwoman Anne Zerr (R, St. Charles) says the bill is just not ready to be voted on, as House and Senate negotiators are nowhere near an agreement.
Missouri House leaders have announced "a compromise proposal" on the tax credit bill that's become stalled during the ongoing special legislative session.
In a press release issued today, State Representatives John Diehl (R, Town and Country) and Anne Zerr (R, St. Charles) said that they had worked with Governor Jay Nixon (D) on crafting an alternate proposal. However, the press release contains no details on what's in it. Zerr says she cannot disclose what's in the compromise because it's still being worked on.