tax credit

state capitol
Ryan Famuliner / KBIA

Missouri lawmakers sent Gov. Jay Nixon legislation to create a new tax credit for donations to innovation campuses.

Marshall Griffin / St. Louis Public Radio

Lt. Gov. Peter Kinder wants a Missouri housing commission to meet next week to consider awarding tax credits to developers.

The Missouri Housing Development Commission postponed the approval of millions of dollars of tax credits for low-income housing at its December meeting.

State Sen. Jamilah Nasheed, chair of the Missouri General Assembly’s Black Caucus, is threatening to block Senate action on several of Gov. Jay Nixon’s key appointments because of the governor’s action to delay state tax breaks for several low-income housing projects.

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401 (K) 2013 / FLICKR

State officials say a market shift is behind the recent decline in real-estate related tax credits redeemed by Missouri businesses and individuals.

The state Revenue Department reports a $103 million overall annual decline in tax credits cashed in the fiscal year that ended in June. That includes a $55 million plunge in the historic preservation tax credit and another $20 million drop in the low-income housing credit.

missouri capitol
Jacob Fenston / KBIA

Missouri authorized more than $7 million of additional tax credits shortly before the expiration of a program aimed at redeveloping large impoverished or blighted areas.

Dozens of new state laws take effect in Missouri on Wednesday.  

File / KBIA

 

   The amount of historic preservation tax credits authorized in Missouri has dropped for the fourth consecutive year. The St. Louis Post-Dispatch reports that Missouri only authorized $93.9 million in credits during the 2013 fiscal year. That is about a $5 million decrease from the previous fiscal year.

The historic preservation credit is the most expensive credits in Missouri. In 2009, the program peaked with $212 million authorized.  The program gives developers authorized tax credits to lower the cost of refurbishing historic buildings.

Missouri Capitol
File Photo / KBIA

Missouri senators have given up their attempt to pass an overhaul of the some of the state's tax credit programs for businesses and developers.

Supporters of the bill set it aside Friday after Republican Sen. Brad Lager, of Savannah, spoke against it for an hour in a filibuster that could have otherwise continued until the session's mandatory end at 6 p.m. The legislation would have created tax incentives for international air cargo exports, computer data centers and investors in startup technology companies.

Governor Jay Nixon (D) has vetoed legislation that would eliminate a tax credit for elderly Missourians who rent their homes.

gun
Drab Mayko / FLICKR

Firearms manufacturers looking to relocate to Missouri could collect a tax credit under a bill given first-round approval by the Missouri House.

The tax incentive endorsed Tuesday would expire in six years and be capped at $3 million annually. Gun and ammunition manufacturers would be able to claim the credit on withholding taxes from creating new jobs.

The Missouri House has backed a tax credit overhaul that is sharply different from a Senate version.
A bill given initial approval 120-31 Wednesday night would set much higher caps than the Senate on the amount of tax credits that can be approved annually for the renovation of historic buildings and development of low-income housing.

Unlike a bill passed previously by the Senate, the House version would combine several existing business incentives into a new program with greater flexibility for state economic development officials to award tax credits.

david_shane / flickr

The Missouri House Budget Committee has advanced legislation to abolish a tax credit of up to $750 a year for low-income seniors and disabled people who live in rental housing.

state capitol
Ryan Famuliner / KBIA

Missouri House members have approved a trio of measures that would reduce taxes for some businesses.

Two sets of tax credits were passed by Missouri lawmakers Wednesday and sent to Governor Jay Nixon (D).

selbstfotografiert / Wikimedia Common

A Missouri Senate committee is set to review the state's numerous tax credit programs and their impact on the state budget.

The Senate Appropriations Committee scheduled a hearing Monday on tax credits before it takes up Gov. Jay Nixon's proposed budget for the 2014 fiscal year.

The 61 tax credit programs currently offered by Missouri cost the state nearly $630 million in the latest fiscal year. Last week, the Senate approved another one, with an estimated yearly cost of $3 million, to attract amateur sporting events to the state.

Gov. Jay Nixon is reviving a commission that recommended widespread changes to Missouri's tax credit programs.

Nixon says the growing cost of state tax credits is reason to reconvene the Missouri Tax Credit Review Commission on Sept. 12.

The panel released a report in late 2010 recommending that Missouri eliminate some of its 61 tax credit programs and reduce or change others.

But lawmakers have done little because of a disagreement among those who want to pare back Missouri's tax breaks and others who want to create new incentives for businesses.

Newscast for May 17, 2012

May 17, 2012

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