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.
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.
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:
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.
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.
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.