tax credits

(courtesy Masonry Association)

The Bank of Washington has loaned developer Paul McKee at least $34 million for his Northside Regeneration project, and possibly as much as $62 million.

The series of 17 loans from the Washington, Mo., bank was made to several of McKee’s holding companies and to Northside Regeneration between 2006 and 2012. The bank, by its own calculations, now holds more than 1,500 parcels as collateral, or about 78 percent of Northside Regeneration’s real estate in St. Louis.

A new audit says Missouri’s Department of Economic Development did not provide proper oversight to state tax credits designed to help developers clean up contaminated property.

In the report released Thursday, State Auditor Tom Schweich gave the Missouri Brownfield Tax Credit program his lowest rating possible. The program awarded more than $185 million in credits between 2000 and 2013.

Marshall Griffin/St. Louis Public Radio

A proposed tax cut that conformed to conditions laid out by Gov. Jay Nixon was radically altered Monday in an effort to move the overall proposal forward.

Marshall Griffin/St. Louis Public Radio

The Missouri House has passed legislation to create tax incentives to lure wealthy high-tech investors to the Show-Me State.

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/St. Louis Public Radio

Tax cuts and tax credits were the center of attention at hearings conducted by two Missouri House committees Tuesday night.

First, the House Ways and Means Committee approved this year’s attempt to cut taxes.  House Bill 1253, or the Broad-Based Tax Relief Act of 2014, would tie the state’s income tax rate for business owners to economic growth, dropping the tax rate by 10 percent each year if certain conditions are met, with the ultimate goal of cutting taxes by 50 percent. 

Courtesy of Show Me Institute

Imagine going to a school where less than a quarter of students are reading on grade level and a third of your classmates will never make it to graduation. Many students in the St. Louis area do not have to imagine because that is their sad reality. Until recently, students in these failing schools have been trapped unless they could afford private school tuition or they could move to a different school district.

Jason Rosenbaum, St. Louis Beacon.

Every week, St. Louis Public Radio’s Chris McDaniel joins the St. Louis Beacon’s Jo Mannies and Jason Rosenbaum to talk about the week’s politics.

(via Flickr/Jennifer Boriss)

Sign-up for major provisions of the Affordable Care Act, also known as ObamaCare, begins October 1st.

With less than three months before marketplace exchanges for health insurance go online, many questions remain about who is eligible, what the requirements are and what kind of penalties people and businesses may face if they or their employees continue to be uninsured come January 2014.

Marshall Griffin/St. Louis Public Radio

Missouri's legislative session has ended, with several issues resolved and several more that came up just short.  St. Louis Public Radio's Marshall Griffin takes a closer look at the final day, and at what happens now:

A few that didn't make it, and a few that did

Marshall Griffin/St. Louis Public Radio

Missouri senators have given up their attempt to pass an overhaul of some of the state's tax credit programs for businesses and developers.

Supporters of the bill set it aside Friday after Republican Sen. Brad Lager, of Savannah, spoke against it for an hour in a filibuster that could have otherwise continued until the session's mandatory end at 6 p.m.

The legislation would have created tax incentives for international air cargo exports, computer data centers and investors in startup technology companies.

(via Flickr/jimbowen0306)

Leaders in the Missouri House and Senate have just one day left to reach agreement on a number of unresolved issues, including an ongoing dispute over how to control spending on state tax credits.

"There's four or five things I've promised senators that we'd get to," said Republican floor leader Ron Richard, including some form of an economic development bill.

The two chambers remain divided over the cap on historic preservation and low-income housing credits. The House has sent a proposal over to the Senate, but it's likely to fail.

Marshall Griffin/St. Louis Public Radio

Governor Jay Nixon (D) has vetoed legislation that would eliminate a tax credit for elderly Missourians who rent their homes.

Marshall Griffin/St. Louis Public Radio

The final week of Missouri's regular legislative session has arrived.  The Republican-led General Assembly and Democratic Governor Jay Nixon are pushing to get several things accomplished before Friday.  St. Louis Public Radio's Marshall Griffin tells us that the session, so far, has been one highlighted by partisanship and controversy.

Nixon vs. lawmakers, tax credit reform

(Tim Lloyd for St. Louis Public Radio)

Two sets of tax credits were passed by Missouri lawmakers Wednesday and sent to Governor Jay Nixon (D).

Tim Bommel, Mo. House Communications

The Missouri Senate today passed a wide-ranging tax credit bill that drastically lowers the caps on Historic Preservation and Low Income Housing programs.

Senate Bill 120 would cap Historic Preservation incentives at $50 million a year, instead of the current $140 million, and Low Income Housing incentives would be capped at $55 million a year, instead of the current $190 million.  That bill is now in the hands of the Missouri House, where Speaker Tim Jones (R, Eureka) has indicated that he and other House leaders don’t like the drastic cuts.

Marshall Griffin/St. Louis Public Radio

Supporters of creating a so-called “Angel Investment” tax credit in Missouri testified in favor of legislation Wednesday before a State Senate committee.

Senate Bill 91 would provide incentives to wealthy investors, dubbed “Angels,” who are looking for start-up opportunities, preferably in high-tech and Internet-based businesses.  Kansas City Mayor Sly James was one of several witnesses hoping to persuade committee members to approve the bill.

Marshall Griffin/St. Louis Public Radio

The Missouri Senate spent several hours last night working on a wide-ranging tax credit bill, which they gave first-round approval to at around 3:30 this morning.

Senate Bill 120 would drastically cut incentives for Historic Preservation and low income housing.  Historic Preservation tax credits would be capped at $50 million a year, instead of the current $140 million, and low income Housing incentives would be capped at $55 million a year.  Senator Jamilah Nasheed (D, St. Louis) criticized the move.

UPI/Bill Greenblatt

Legislation that would revive three benevolent tax credits that died last year has been passed by the Missouri House.

via Flickr/alancleaver_2000

(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.