tax credits

(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.

(photo courtesy of the Landmarks Association of St. Louis)

Attorney General Chris Koster has sued a well-known St. Louis developer and his former business partner in an effort to recover tax credits that Koster says were fraudulently obtained.

In the suit filed today in Cole County, Koster alleges that in 2010 and 2011, the state Department of Economic Development awarded developers Kevin McGowan and Nathaniel Walsh nearly $2.4 million in brownfield credits to clean up lead paint at the Cupples 9 building in downtown St. Louis.

(Marshall Griffin/St. Louis Public Radio)

The Speaker of the Missouri House has thrown cold water on a scaled-back tax credit reform measure passed Wednesday by the Senate.

The Missouri Senate has passed a tax credit measure after hammering out an agreement between GOP leaders and fiscal conservatives who’ve been trying to reign in tax breaks for years.

The agreement would cap historic preservation tax credits at $75 million per year, give a one-year extension to food pantry and other charitable tax breaks, and create incentives to draw amateur sporting events to Missouri.  State Senator Eric Schmitt (R, Glendale) urged the chamber to pass it before time runs out on the regular session.

(Marshall Griffin/St. Louis Public Radio)

Two bills that would provide incentives for building underground data storage centers and for drawing amateur sporting events to Missouri have cleared a State House committee.

They’re now headed to the House floor.  If they pass there, Majority Floor Leader Tim Jones (R, Eureka) says he thinks they’ll have a fair shot at being passed by the Missouri Senate.

A very contentious special legislative session ended with a whimper in Jefferson City this week.  It was dominated by seven weeks of head-butting over a wide-ranging tax credit bill that in the end boiled down to a long-running battle between the Missouri House and Senate over whether tax credits should have expiration dates.  St. Louis Public Radio’s Marshall Griffin takes a closer look at what happened.

(Marshall Griffin/St. Louis Public Radio)

Missouri’s special legislative session is over.

President Pro-tem Rob Mayer (R, Dexter) adjourned the Missouri Senate exactly seven weeks after lawmakers returned to Jefferson City.  Only two bills were passed, the “Facebook Fix” and a high-tech jobs measure – but the top priority, an economic development bill, died because House and Senate leaders couldn’t agree on expiration dates for historic preservation and low-income housing tax credits.

(Marshall Griffin/St. Louis Public Radio)

The head of the Missouri Senate has announced he’s going to pull the plug on the special legislative session next week.

President Pro-tem Rob Mayer (R, Dexter) believes it’s too late to pass any kind of economic development bill before the session expires in two weeks.  Despite Thursday’s move by the Missouri House to appoint lawmakers to negotiate a final version of the wide-ranging tax credit bill, Mayer says any agreement must include 7-year expiration dates, or sunsets, on historic preservation and low income housing tax credits.

(UPI/Bill Greenblatt)

The Missouri House has given first-round approval to a proposed constitutional amendment that would require all tax credits to undergo a regular review process.

If it succeeds, each tax credit would have to be voted on by the full General Assembly every four years.  The resolution is the House’s alternative to expiration dates for tax credits favored by the Missouri Senate.  It’s sponsored by House Budget Chair Ryan Silvey (R, Kansas City).

(Marshall Griffin/St. Louis Public Radio)

The Missouri House has done an about-face and now wants a joint committee to negotiate a final version of a wide-ranging tax credit bill that has divided the House and Senate throughout the ongoing special session.

House Speaker Steven Tilley (R, Perryville) had suggested weeks ago that a conference committee wasn’t necessary and that any differences on tax credits could be worked out during floor debates.  Senate President Pro-tem Rob Mayer (R, Dexter), meanwhile, had pushed for going to conference because that’s the normal route for reaching compromise on bills.  Tilley says he’s decided to take Mayer at his word.