Mo. Senate panel backs incentives for sport events
Wednesday, January 23, 2013
JEFFERSON CITY, Mo. (AP) — A Missouri Senate committee has endorsed legislation authorizing a new tax incentive intended to attract amateur sporting events to the state.
The bill approved Wednesday by a Senate economic development committee would provide a tax credit to local organizing groups equal to $5 for every ticket sold to the sporting events. Supporters say subsidies are needed to attract such things as college basketball tournaments or Olympic trials to Missouri.
Similar incentives have stalled in past years after being linked to broader proposals to overhaul the state’s existing tax credit programs. This year, Senate leaders hope to separate such proposals.
The Senate committee also is expected to endorse a bill Thursday re-instating expired tax credit programs for donors to food pantries, crisis pregnancy centers and other benevolent causes.