Job Totals Trail Expectations for Mo. Tax Credit
JEFFERSON CITY, Mo. (AP) - Missouri lawmakers are looking to renew an economic development program that has provided about $120 million of tax credits to firms that invest in businesses located in low-income areas. But so far, those businesses have not created as many jobs as expected.
Data provided to The Associated Press by the Department of Economic Development show that the New Markets tax credits were anticipated to create nearly 9,700 jobs. But the data show just 823 "actual jobs" so far and more than 3,100 "jobs retained."
Supporters of the program instead point to economic models that estimate thousands of jobs have been created.
The Senate is expected to vote this week on a bill to renew the program for an additional six years.