tax credits

Tax credits
10:19 pm
Wed February 27, 2013

Angel Investment Tax Credit Measure Being Considered By Mo. Senate Committee

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.
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.

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Tax credits
6:25 am
Wed February 27, 2013

Mo. Senate Endorses Wide-Ranging Tax Credit Bill

Mo. Capitol at night
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.

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Benevolent tax credits
4:21 pm
Thu February 7, 2013

Mo. House Passes Benevolent Tax Credit Bill

UPI/Bill Greenblatt

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

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Tax Credits
12:13 pm
Mon February 4, 2013

Reviewed Today: Over 60 Tax Credit Programs And Their $630M State Budget Impact

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.

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Tax credit bills
5:51 pm
Thu January 31, 2013

Tax Credits Faring Better So Far This Year In The Missouri Senate

Mo. Capitol
Marshall Griffin/St. Louis Public Radio

It appears so far that the Missouri Senate may no longer be the place where tax credits go to die.

In years past, proposed incentives for such things as historic preservation or amateur sporting events would have faced a filibuster threat from a group of fiscally conservative Republicans in the Senate.  But the leaders of that group are gone due to term limits, and perhaps that’s why this year’s amateur sports incentives bill was allowed to receive a Senate floor vote.  State Senator Will Kraus (R, Lee’s Summit) says the atmosphere has changed.

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Benevolent tax credits
5:11 pm
Tue January 22, 2013

Bill To Revive Benevolent Tax Credits Heard By Mo. House Committee

iPad photo of Mo. House hearing on HB 87. (l-r), Scott Baker of the Mo. Food Bank Assoc., and bill sponsor, State Rep. Eric Burlison (R, Springfield).
Marshall Griffin/St. Louis Public Radio

Legislation that would revive three benevolent tax credits in Missouri is being considered by a State House committee.

Tax breaks for food pantries, pregnancy resource centers and the Children in Crisis program all expired last year when lawmakers failed to pass any type of tax credit reform package.  Scott Baker, State Director of the Missouri Food Bank Association, testified today in favor of renewing the incentives.  He says according to the USDA, Missouri has the nation’s 7th highest food insecurity rate.

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4:22 am
Wed December 19, 2012

Thousands Of Missouri Jobs At Stake With Wind Production Tax Credit

(Jerry W. Lewis' Flickr page)

Updated 1/2/2013 with the credit's legislative developments.

While “fiscal cliff” negotiations are happening in the nation’s capital, a lesser known issue is also on the table. And depending on the outcome, thousands of jobs in Missouri could be at stake.

Gerald Nickelson is a worker at CG Power Systems in Washington, Missouri. As he walks around the factory, he points out a line of workers in front of a machine, wrapping coil. Later, the coil will be housed inside a green metal tank and shipped off as a complete transformer.

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Tax credit review
5:57 pm
Fri December 14, 2012

Mo. Tax Credit Review Commission Releases Updated Recommendations

Mo. Capitol
Marshall Griffin/St. Louis Public Radio

Missouri Governor Jay Nixon’s (D) Tax Credit Review Commission has released its revised list of recommendations.

Some of the original recommendations have been scaled back.  The new list calls for shrinking the cap on Historic Preservation tax credits to $90 million, instead of $75 million as proposed two years ago, and reducing the cap on Low Income Housing to $135 million instead of $80 million.  The caps for Historic Preservation and Low Income Housing are currently $140 million and $195 million, respectively.  The new report also drops the recommendation to put expiration dates on all tax credits.

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Historic Preservation Tax Credits
3:57 pm
Thu November 15, 2012

Preservation Tax Credit Cap Could Be Cut In Half

via Flickr/alancleaver_2000

Members of a panel created to review Missouri’s tax credits are leaning towards recommending that the cap on Historic Preservation tax credits be cut nearly in half.

The incentives program is popular with developers, but Democratic Governor Jay Nixon and a group of Republican State Senators say it’s draining off revenues from the state budget.

Tom Reeves co-chairs the subcommittee looking into Historic Preservation tax credits. He says he favors much of the recommendation from two years ago to reduce the annual cap from $140 million a year to $75 million a year.

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Tax credit review
12:22 pm
Wed September 12, 2012

Nixon: tax credit changes to be a priority in 2013

Mo. Gov. Jay Nixon.
(UPI/Bill Greenblatt)

Governor Jay Nixon (D) has reconvened his tax credit review commission to again examine which incentives need to be eliminated or further capped.

In 2010 the same commission recommended sun-setting 28 tax credit programs and capping 33 others. At the time the commission said the move would save the state $220 million.  Former Republican State Senator Chuck Gross of St. Charles again chairs the commission.

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