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.
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.
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.