Tagged: tax credits

As today marks the beginning of this year's special session in the Missouri legislature, this story from our own Adam Allington, which aired on Marketplace yesterday is especially pertinent.

Updated at 12:38 p.m. with information on tax credits for those with special needs

Reporting from KCUR's Elana Gordon used in this report.

Missouri's low-income housing agency has approved $100 million in tax credits to help rebuild Joplin and the St. Louis County community of Berkeley after they were hit by tornadoes earlier this year.

Republican leaders of the Missouri General Assembly are criticizing Democratic Governor Jay Nixon’s decision to exclude land assemblage tax credits from the special session planned for next month.

In a letter to Nixon, House Speaker Steven Tilley (R, Perryville) and Senate President Pro-tem Rob Mayer (R, Dexter) said that his “personal agenda against an individual developer (Paul McKee)...has no place in this debate and should not impact the overall priority of tax credit reform.”

The economic development deal struck by lawmakers will cut one of Missouri’s most popular tax credits nearly in half.

The deal between House and Senate leaders would cut the amount of Historic Preservation tax credits issued each year from $140 million down to $80 million.

Ruth Keenoy with the non-profit Landmark Associates of St. Louis, Inc., says the smaller cap would be detrimental to Missouri’s economy.  She wants the incentives to be left as-is.