Low-income tax credits

Jason Rosenbaum/St. Louis Public Radio

(Updated 3/17 at 10:30 a.m.)

State Sen. John Lamping learned two important lessons during his relatively short tenure in the Missouri General Assembly: It’s hard to pass new laws; and it’s easy to stop changes to existing ones. 

photo of Thomas Schweich
Provided by the auditor's office

State Auditor Tom Schweich released an audit critical of Missouri’s low-income housing tax credit, saying that the widely used incentive is inefficient and has a “very low” return on investment. 

And the Republican statewide official is hoping the audit will spur the Missouri General Assembly to break a years-long logjam on changing the state’s largest tax credit program.

Jason Rosenbaum, St. Louis Public Radio

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.

Marshall Griffin, KWMU

(Updated 12:45 p.m. Fri., Feb. 14)

Missouri Gov. Jay Nixon has unveiled a tentative deal for a tax-cut package made with some Republicans in the state Senate, but his requirements could delay when -- or if -- the cuts go into effect.

This article first appeared in the St. Louis Beacon: St. Louis Mayor Francis Slay, a huge booster of Missouri’s historic tax credit program, isn’t happy with the bill approved Thursday by the Missouri Senate that slashes the program’s annual allocation ceiling by almost two-thirds.

But Slay's chief of staff Jeff Rainford said the mayor is confident that the state House will mandate a higher ceiling and “not anything close to this draconian” limit.