Government
9:18 am
Wed February 27, 2013

Missouri Senate Works Late On Tax Credit Bill

The Missouri Senate spent several hours Tuesday night working on a wide-ranging tax credit bill, which they gave first-round approval to around 3:20 Wednesday morning.  The Senate bill would drastically cut incentives for Historic Preservation and low income housing.

Historic Preservation tax credits would be capped at $45 million  a year, instead of the current $140 million, and low income Housing incentives would be capped at $50 million a year. 

The bill is sponsored by Republican Senator Eric Schmitt of St. Louis County.

“Tax credit reform and finding a way forward on economic development for our state has been clearly identified for a long time as a priority…and so it’s something that we wanted to work on early, it’s February, and I think everybody was committed to that – everybody wanted to work together,” says Scmitt.

The bill would also create a freight forward tax credit for all airports in Missouri, not just Lambert International in St. Louis.

The measure needs one more vote before moving to the Missouri House.