Missouri Senate mulls changes to state tax credits
Thursday, March 31, 2011
Missouri senators are considering whether to overhaul many of the state’s tax credits.
Debate started Wednesday about legislation designed to reduce or eliminate several state tax credit programs. The legislation would restrict tax credit programs for historic preservation and for the development of low-income housing. And renters would no longer be eligible for a property tax credit.
The measure also creates a new tax incentive program for businesses.
Missouri has dozens of tax credit programs that last year waived $521 million in state income taxes. Much of that money goes to businesses or developers. But some tax credits promote social causes, such as adoptions or donations to food pantries and domestic violence shelters.
Tax credits is SB280