Tax Credits | St. Louis Public Radio

Tax Credits

Rici Hoffarth | St. Louis Public Radio

Identical proposals in the Missouri House and Senate would overhaul Missouri’s tax code and slash more than a billion dollars in state revenue.

In a nutshell, the bill would lower the top state income tax bracket to 4.8 percent, which is lower than the tax cut that passed three years ago capping the top rate at 5.5 percent. The proposal would also completely exempt anyone who makes less than $4,000 a year from paying state income taxes.

Tax credits | Flickr

The Missouri Senate could soon approve legislation that would give tax credits to people who donate money to fund private school scholarships.

Under Senate Bill 32, anyone could make donations to nonprofit groups that would use the funds to set up education savings accounts.

Then, parents could use those accounts to pay tuition at the school of their choice, including religious schools.

Marshall Griffin | St. Louis Public Radio

It wasn't that long ago that Republican leaders in the Missouri House and Senate were deeply divided and nearly at each other's throats over tax credits.

In 2011, an entire special legislative session was devoted to approving a wide-ranging tax credit bill that centered around incentives designed to transform Lambert-St. Louis International Airport into an international cargo hub. But differing opinions over the role of tax breaks and concerns that they were getting out of hand sabotaged the special session, and there have been no major attempts since then to give the system a makeover.

Enter Gov. Eric Greitens in 2017.

Eric and Sheena Greitens hold their sons, Joshua and Jacob, while speaking to reporters after casting their ballots the St. Louis Public Library in the Central West End on Election Day 2016.
File photo by Carolina Hidalgo I St. Louis Public Radio

Updated 3:30 p.m. Jan. 2, with renewed opposition from Gov.-elect Greitens - If those who want state help to build a new Major League Soccer stadium in St. Louis had hoped for softening from the incoming governor, no change is apparent. At an event to announce a new public safety director, Gov.-elect Eric Greitens said he has "completely ruled out state funding for stadiums.

He repeated an earlier description the idea: "I do not support welfare for millionaires. I look forward to meeting with the leaders of the MLS project to see if there's a way for them to bring private sector funding to bring a soccer team to the state of Missouri."

(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. 

This article first appeared in the St. Louis Beacon, Dec. 2, 2013 - As the Missouri General Assembly prepares to convene for a special session to woo Boeing, several groups on both sides of the job-creation debate are weighing in with their ideas.

Gov. Peter Kinder, in 2008, praises legislation aimed at luring Bombardier to Missouri. That bill didn't entice the Canadian-based company to come to Missouri. And it's an open question whether a potential package to get Boeing to build 777X planes in St.
Jason Rosenbaum | St. Louis Beacon | 2013

This article first appeared in the St. Louis Beacon. - Long before the Missouri General Assembly became paralyzed over the scope and size of tax credits, it wasn't unusual for the Show-Me State's political leaders to reach economic development accords.

This article first appeared in the St. Louis Beacon, Nov. 29, 2013 - As expected, Missouri Gov. Jay Nixon is calling a special session for Monday afternoon to win swift legislative approval of an incentive package aimed at persuading Boeing to move production of its next-generation commercial aircraft, the 777X.

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.

Answering Questions About The Affordable Care Act

Jul 22, 2013
(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

Tax Credits Die Again In Missouri Senate

May 17, 2013
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.

This article first appeared in the St. Louis Beacon: When the Missouri House convened Thursday, legislators looked up to see a spooky sight: a life-size human “body” lying atop the chamber’s huge skylight.

The “body” turned out to be a paper cutout placed on the roof as a joke.

This article first appeared in the St. Louis Beacon: Hours before adjournment for the year, a state Senate filibuster appears to have killed a tax credit package that had won approval from the House just a couple hours earlier.

The package had been assembled by House and Senate conferees late Thursday and approved by leaders in both chambers.

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