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.
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.