Senate Committee Hears Tax Credit Results

3 years 5 months 2 weeks ago February 04, 2013 Feb 4, 2013 Monday, February 04 2013 Monday, February 04, 2013 2:36:00 PM CST in News
By: Garrett Bergquist

JEFFERSON CITY - State agency representatives told a senate committee Monday more than $600 million were redeemed in tax credits last year as debate heats up over changes to the credits.

Department of Economic Development Acting Director Chris Pieper said about $467 million of these credits were redeemed through his department. The department oversees 24 of the state's 61 tax credit programs, including the Low Income Housing Tax Credit and the Historic Preservation Tax Credit. Legislation this year has called for caps for both of these programs.

Sallie Hemenway, the director of the department's Business and Community Services Division, said the Historic Preservation Credit created almost 2,400 jobs last year. Legislation this year has called for a tighter cap on redemptions permitted for this credit. Hemenway said not all tax credits that are issued to applicants are actually redeemed. Redemption is the point at which the state actually loses tax revenue.

During testimony, the Department of Revenue's Joel Allison said about $57 million worth of tax credits were redeemed through the Property Tax Credit for renters. Gov. Nixon has called for the elimination of this credit in his budget, echoing a recommendation from the Tax Credit Review Commission in 2010.

 

More News

Grid
List
PHILADELPHIA - Columbia resident Persephone Dakopolos arrived Sunday in Philadelphia for the Democratic National Convention. Dakopolos was selected at the... More >>
3 hours ago July 25, 2016 Jul 25, 2016 Monday, July 25 2016 Monday, July 25, 2016 3:04:00 AM CDT in Continuous News
COLUMBIA - The National Association of Realtors reported this week a 9-year high for sales of existing homes this past... More >>
14 hours ago July 24, 2016 Jul 24, 2016 Sunday, July 24 2016 Sunday, July 24, 2016 4:06:00 PM CDT in News
WILDWOOD (AP) — Two people were killed in a two-vehicle collision in eastern Missouri. St. Louis County police say... More >>
15 hours ago July 24, 2016 Jul 24, 2016 Sunday, July 24 2016 Sunday, July 24, 2016 3:52:10 PM CDT in News
DIAMOND (AP) — Southwest Missouri has a newly dedicated prairie. The 163-acre George Washington Carver Prairie was dedicated Saturday.... More >>
15 hours ago July 24, 2016 Jul 24, 2016 Sunday, July 24 2016 Sunday, July 24, 2016 3:01:01 PM CDT in News
COLUMBIA - Tim Kaine has always been a leader. While as a student at the University of Missouri, he... More >>
17 hours ago July 24, 2016 Jul 24, 2016 Sunday, July 24 2016 Sunday, July 24, 2016 1:37:00 PM CDT in News
HARRISONVILLE (AP) — A western Missouri man has been found not guilty in a 2014 fatal shooting at a Cass... More >>
17 hours ago July 24, 2016 Jul 24, 2016 Sunday, July 24 2016 Sunday, July 24, 2016 1:25:37 PM CDT in News
ST. LOUIS (AP) — A member of the Clay family has represented St. Louis and northern suburbs in Congress for... More >>
20 hours ago July 24, 2016 Jul 24, 2016 Sunday, July 24 2016 Sunday, July 24, 2016 10:38:26 AM CDT in News
JEFFERSON CITY (AP) — Republican candidates in Missouri's gubernatorial primary are pledging an aggressive law-and-order approach, two years after the... More >>
20 hours ago July 24, 2016 Jul 24, 2016 Sunday, July 24 2016 Sunday, July 24, 2016 10:03:16 AM CDT in News
COLUMBIA — Road closings this summer in downtown Columbia could make it harder to enjoy local shops and restaurants in... More >>
1 day ago July 24, 2016 Jul 24, 2016 Sunday, July 24 2016 Sunday, July 24, 2016 3:43:00 AM CDT in News
LAKE OF THE OZARKS — One person was injured after a boat caught on fire at the 38-mile marker by... More >>
1 day ago July 23, 2016 Jul 23, 2016 Saturday, July 23 2016 Saturday, July 23, 2016 10:10:00 PM CDT in News
KANSAS CITY (AP) — The Repertory Theatre of St. Louis has received a $1 million gift, the largest in its... More >>
1 day ago July 23, 2016 Jul 23, 2016 Saturday, July 23 2016 Saturday, July 23, 2016 5:07:03 PM CDT in News
KANSAS CITY (AP) — A 51-year-old man is accused of pulling over a vehicle and acting as if he were... More >>
1 day ago July 23, 2016 Jul 23, 2016 Saturday, July 23 2016 Saturday, July 23, 2016 4:46:46 PM CDT in News
COOPER COUNTY — A man has been charged in relation to a hostage standoff east of Boonville Friday morning. ... More >>
1 day ago July 23, 2016 Jul 23, 2016 Saturday, July 23 2016 Saturday, July 23, 2016 4:15:00 PM CDT in News
COLUMBIA — MU Interim Chancellor Hank Foley announced the members of the Advisory Committee for the Director of Athletics search... More >>
1 day ago July 23, 2016 Jul 23, 2016 Saturday, July 23 2016 Saturday, July 23, 2016 4:01:00 PM CDT in Sports
COLUMBIA — With the extreme heat this weekend, local medical experts told people to be aware of the signs of... More >>
1 day ago July 23, 2016 Jul 23, 2016 Saturday, July 23 2016 Saturday, July 23, 2016 3:53:00 PM CDT in News
COLUMBIA — Out-of-towners from across the state are boosting sales for local businesses and restaurants downtown this weekend. The... More >>
1 day ago July 23, 2016 Jul 23, 2016 Saturday, July 23 2016 Saturday, July 23, 2016 3:13:00 PM CDT in News
JEFFERSON CITY — The Jefferson City Knights of Columbus hosted a barbecue fundraiser for the country's first Special Olympics training... More >>
1 day ago July 23, 2016 Jul 23, 2016 Saturday, July 23 2016 Saturday, July 23, 2016 1:54:00 PM CDT in News
COLUMBIA — Athletes, parents, and officials across Columbia tried to beat the heat while participating in the Show Me State... More >>
1 day ago July 23, 2016 Jul 23, 2016 Saturday, July 23 2016 Saturday, July 23, 2016 1:21:00 PM CDT in News
Columbia, MO
Broken Clouds 72°
7am 72°
8am 73°
9am 75°
10am 76°

Select a station to view its upcoming schedule:

Coming Up Next

6:00a
KOMU 8 News Today
7:00a
Today
11:00a
Rachael Ray
6:30a
Are We There Yet?
7:00a
Intelligence for Your Life
7:30a
Cops Reloaded

Tonight's Schedule

7:00p
American Ninja Warrior
9:00p
NBC News Special: 2016 Democratic National Convention
7:00p
MADtv 20th Anniversary Reunion
8:00p
Penn & Teller: Fool Us
9:00p
KOMU 8 News @ Nine on The CW
9:30p
Seinfeld