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Missouri Senate Works Late On Tax Credit Bill

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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.

“Tax credit reform and finding a way forward on economic development for our state has been clearly identified for a long time as a priority…and so it’s something that we wanted to work on early, it’s February, and I think everybody was committed to that – everybody wanted to work together,” says Scmitt.

The bill would also create a freight forward tax credit for all airports in Missouri, not just Lambert International in St. Louis.

The measure needs one more vote before moving to the Missouri House.

Marshall Griffin is the Statehouse reporter for St. Louis Public Radio.
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