Audit questions value of agriculture tax credit

1 decade 3 years 7 months ago Friday, February 09 2007 Feb 9, 2007 Friday, February 09, 2007 6:03:10 PM CST February 09, 2007 in News
Source: (Copyright 2007 The Associated Press All Rights Reserved.)
JEFFERSON CITY - A state tax credit used by several of Missouri's ethanol investors is costing Missouri more money than it's bringing in. That's the finding of a state audit released today. The report by Democratic Auditor Susan Montee says previous evaluations of the New Generation Cooperative Incentive tax credit were faulty. The tax credits are issued through the Missouri Agricultural and Small Business Development Authority. Montee's audit estimates the credits will eventually cost the state 37 million dollars. The business development authority estimates it as a two million dollar gain. The development authority questions the accuracy of Montee's analysis, saying she used an accounting system biased against agriculture.

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