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.
Kansas City Mayor Sly James, flanked by two Mo. House Members, testified in favor of Angel Investment tax credits at a House hearing earlier this month. Today he testified before a Mo. Senate committee in support of that chamber's version of the bill.
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.
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.