Missouri Senate Passes Overhaul of Tax Incentives

8 years 2 weeks 5 days ago Monday, May 02 2011 May 2, 2011 Monday, May 02, 2011 3:05:00 PM CDT May 02, 2011 in News
By: Associated Press

JEFFERSON CITY (AP) -- The Missouri Senate has passed an overhaul of the state's tax incentives that is estimated to save the state $1.6 billion over the next 15 years.

Monday's 32-2 Senate vote sends the bill to the House, which can accept it or request negotiations with two weeks left in the legislative session.

Some of the largest savings would come by eliminating an income tax credit intended to offset part of the home rental costs for low-income seniors and disabled residents. Other savings would come from reducing tax credits for renovating historic buildings and constructing low-income housing.

New tax incentives would be created for international cargo shipments at the St. Louis airport, and for science and technology-based companies and amateur sports events.

The bill also offers amnesty for some people with overdue taxes.

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