The Missouri Senate has passed a wide-ranging tax credit bill that drastically lowers the caps on Historic Preservation and Low Income Housing programs. It would cap Historic Preservation incentives at $50 million a year, instead of the current $140 million, and Low Income Housing incentives would be capped at $55 million a year, instead of the current $190 million.
The bill is now in the hands of the Missouri House, where Speaker Tim Jones has indicated that he and other House leaders don’t like the drastic cuts.
“As Republicans, we’re always looking to cut taxes, lower tax burdens, that’s exactly what tax credits do, with the added bonus of incentivizing jobs and job creation in the state,” says Jones.
Meanwhile, Democratic Governor Jay Nixon issued a statement praising the Republican-led State Senate for passing a tax credit bill that contains, quote, “long-overdue reforms” that would save taxpayers money in the coming years.
The bill also contains $60 million in air cargo incentives that could be used at all of Missouri’s airports.