Audit shows Missouri faces $3B tax credit liability
JEFFERSON CITY (AP) — Missouri Democratic Auditor Nicole Galloway says the state could face a $3 billion loss from tax credits over the next 15 years.
A new report released Wednesday by Galloway's office says that's how much lawmakers have authorized for tax credits that have not yet been redeemed.
The auditor's office says the state has faced $5.4 billion in revenue losses from tax credits over the past decade.
Galloway says policymakers should consider the impact tax credits have on the budget.
Galloway's office also says economic benefits of some tax credits have been overstated in reports to lawmakers. About $418 million in tax credits redeemed in fiscal year 2016 went to programs that returned less to the state than the cost, according to the report. That's about 73 percent of total redemptions.