Mo. Senate sends tax credit overhaul to House
Missouri senators have passed legislation scaling back tax breaks for developers and offering new incentives for high-tech businesses and world trade.
The Senate's 27-7 vote earlier today sends the bill to the House, where it already faces some opposition.
House Speaker Tim Jones has said senators "over-reached" by significantly lowering the amount of tax credits available for the construction of low-income housing and the renovation of historic buildings. But Jones likes provisions in the Senate bill that create new tax credits for air cargo exports, computer data centers and investors in high-tech, start-up businesses.
Gov. Jay Nixon praised the bill earlier for containing "long-overdue reforms" to tax credits.
A similar proposal to overhaul Missouri's tax credits failed during a 2011 special session.