Missouri House Passes New Tax Credit Plan

Posted: May 16, 2013 5:19 PM by Associated Press

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JEFFERSON CITY - The Missouri House has made a final offer to senators on a plan authorizing new business incentives and trimming some existing tax credits.

The House passed legislation Thursday that would reduce annual tax credits for historic preservation projects to $90 million from the current cap of about $140 million. It would gradually lower the tax-credit cap for low-income housing projects to $110 million annually from the current $135 million.

Both of those limits are higher than what has been endorsed by senators this year.

The House plan would extend a tax credit for developers who amass large tracts of land, which has been opposed by some senators.

The bill includes some new business incentives that senators have supported.

Lawmakers have until 6 p.m. Friday to send legislation to the governor.

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