Lawmakers Work to Cut Missouri Tax Credits

7 years 4 weeks 1 day ago Tuesday, November 16 2010 Nov 16, 2010 Tuesday, November 16, 2010 6:49:51 PM CST November 16, 2010 in News
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JEFFERSON CITY - Even out of session, lawmakers and experts in Missouri's capital are working to fix the state's financial troubles.

The subject of Tuesday's meetings around the capital city: tax credits.

At both the Harry Truman Building and the Truman Hotel, state politicians and experts from around the financial industry tried to find ways to make cuts from the state's tax credit system.

And at Governor Jay Nixon's request, The Missouri Tax Credit Review Commission must present recommendations.

But Tuesday, a sub-committee of the commission was unable to come to a consensus on a $50 million cut from historical preservation tax credits.  The sub-committee also denied a $40 million cut as well.

The commission did decide to not allow a $90 million credit for a building on a 1400 acre block in downtown St. Louis to continue into fiscal year 2012.  Only State Sen. Robin Wright-Jones (who represents the City of St. Louis) voiced any opposition to this cut. She also said the entire tax credit system of Missouri needs to be reformed because it has a large amount of credits available.

"We have way too many--we have 61. And some are being used, some are not. I think our focus here is to maintain our triple A bond rating, our focus here is to get good return on our investments, our focus here is to get jobs," she said.

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