State tax credit commission scales back recommendations
Missouri Governor Jay Nixon’s Tax Credit Review Commission has released its revised list of recommendations. Some of the original recommendations have been scaled back: The new list calls for shrinking the cap on Historic Preservation tax credits to $90 million a year, instead of $75 million, and reducing the cap on Low Income Housing to $135 million instead of $80 million. Former GOP Senator Chuck Gross co-chairs the commission.
He says the reduced recommendations will still save the state much-needed money: “Last fiscal year there were $629 million in redemptions, and the growth rate of those tax credit programs, compared to the growth of general revenue, (are) just going in different directions.”
Gross says if their recommendations are fully implemented by the legislature, it could help the state pay for expanding Medicaid coverage next year.