Tagged: tax breaks

The Missouri Senate has again passed legislation curbing tax breaks for developers while creating new incentives for exporters and high-tech industries.

The Missouri State Senate has passed legislation that would eliminate tax breaks for low-income seniors and individuals with disabilities living in rental properties. According to Jessica Macy, the executive director of the Boone County Council on Aging, this tax break allows seniors to pay their bills and improve their quality of life.

“This is really money that really helps offset their everyday living expenses,” Macy said.

Macy said the tax break allows seniors to support local businesses by using their money to purchase necessities, such as groceries and prescriptions.

Business and civic leaders from the St. Louis area are renewing a push for new tax breaks to encourage international exports through Lambert-St. Louis International Airport.

A Senate committee heard testimony Wednesday on a plan that would authorize up to $7.5 million of annual tax credits for air cargo exports.

The proposal is a scaled-back version of a bill that failed during a 2011 special session. Other elements of that doomed package also are back before the Legislature.

The Missouri House has given first-round approval to legislation that would expand tax breaks for auto parts manufacturers.  Ford and General Motors already have access to the incentives. 

Missouri businesses and businesses owners could start paying less in taxes under a bill moving through the state Senate.