Tagged: tax credits

The Missouri Senate spent several hours Tuesday night working on a wide-ranging tax credit bill, which they gave first-round approval to around 3:20 Wednesday morning.  The Senate bill would drastically cut incentives for Historic Preservation and low income housing.

Historic Preservation tax credits would be capped at $45 million  a year, instead of the current $140 million, and low income Housing incentives would be capped at $50 million a year. 

The bill is sponsored by Republican Senator Eric Schmitt of St. Louis County.

The Missouri House has passed legislation that would revive three benevolent tax credit programs that expired last year, but there were a couple of dissenters who had a problem with incentives going to crisis pregnancy centers.

Democrats Judy Morgan of Kansas City and Stacey Newman of St. Louis County cast the only “no” votes.  Newman said the pregnancy centers in question are operated by anti-abortion groups that are spreading false information about the issue.

The Missouri Senate passed two sets of tax credit legislation.  So far this year, the Senate may no longer be the place where tax credits go to die.

U.S. Representative Mike Pompeo says the fate of a wind energy tax credit could be tied to the so-called fiscal cliff negotiations.

Missouri lawmakers in both chambers are pre-filing bills for next year’s regular session.  Much of the legislation pre-filed in the State Senate so far deals with tax credits.

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