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Mo. General Assembly passes economic development bill

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Missouri State Capitol.

By AP/Marshall Griffin, KWMU

Jefferson City, MO – The Missouri General Assembly has passed legislation expanding some tax incentives for businesses while placing new limits on others.

The Senate finally approved the bill late this morning, after a near-marathon session in which opponents nearly killed it.

The vote broke a three-month stalemate on the economic development legislation and raised hopes that lawmakers could accomplish one of their top priorities before the end of the session.

Shortly before 4:30 p.m., the Missouri House passed the bill overwhelmingly, 153 to 2. It now goes to Governor Nixon for his signature.

The bill raises the amount of tax credits that can be issued to certain companies that locate, expand or add jobs paying at least average wages and providing health benefits.

It also limits for the first time the amount of tax credits that can be approved for the renovation of historic buildings.

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