$7M Tax Credits Authorized Before Program Deadline
JEFFERSON CITY - 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.
Documents provided by the Department of Economic Development show it authorized nearly $5.8 million of tax credits for a Joplin entity responsible for redeveloping areas hit by a 2011 tornado. The agency also authorized an additional $1.4 million of tax credits for a north St. Louis project spearheaded by developer Paul McKee.
Both tax credit authorizations occurred Wednesday -- the final day possible under a 2007 law that created the "Distressed Areas Land Assemblage Tax Credit." That law allowed $95 million of tax credits. But the program used just half that amount before expiring.
McKee lobbied unsuccessfully this year for lawmakers to extend the program.