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JEFFERSON CITY - A Missouri House committee has approved a tax-credit reduction plan, but it stops short of the significant cuts passed by the Senate.

The legislation endorsed Thursday by a House panel would impose a $135 million annual cap on tax credits for historic renovation projects. That could essentially allow the program to continue as is, since it issued a total of $134 million of tax credits last year.

A Senate bill passed last week would impose a $50 million annual cap on historic tax credits.

The House and Senate versions also are far apart on how to limit tax credits for the development of low-income housing.

House Economic Development Committee Chairwoman Anne Zerr praised both programs. But some senators contend the programs are busting the budget.