Senate Backs Air Freight Incentives and Tax Credit Caps

6 years 3 weeks 3 days ago Tuesday, April 30 2013 Apr 30, 2013 Tuesday, April 30, 2013 2:18:00 PM CDT April 30, 2013 in News
By: Garrett Bergquist
loading

JEFFERSON CITY - In a single vote on Tuesday, the Missouri Senate endorsed incentives for air freighters and data centers while curbing tax credits for historic properties and low-income housing.

Under the bill, air freighters who shipp cargo out of the country from Missouri could qualify for a tax credit of 40 cents per kilogram of cargo. The state could hand out up to $7.5 million in credits through this program each year. The bill also exempts data storage centers from state and local sales and use taxes on machinery, energy usage and utilities.

In addition to creating credits, the bill caps or eliminates several programs. For instance, the bill caps the Low Income Housing Tax Credit at a total of $55 million per year. Brownfield Remediation tax credits, which are used to redevelop land contaminated with hazardous wastes, are capped at $20 million per year. The 2010 Tax Credit Review Commission Report called for a $25 million-per-year cap.

The bill drew strong debate on the senate floor and disagreement was not limited to party lines. Sen. John Lamping, R-St. Louis, called a provision for data centers "corporate welfare" and questioned whether data centers' energy usage justified the jobs they would provide. He said he did not think it was a good idea to include so many different proposals in one bill, saying he would prefer to vote on each one individually. Lamping voted against the bill along with Sen. Kurt Schaefer, R-Columbia.

During extended debate with Lamping, Sen. Eric Schmitt, R-Glendale, defended the bill's breadth, saying a lack of tax credit reform sends a bad message to anyone doing business with Missouri. He said tax credits such as the air freight credit are necessary losses of revenue that can encourage the state's economy to grow.

Sen. Joseph Keaveny, D-St. Louis, attacked proposals to lower the cap on the Historic Preservation Credit, noting the credits could be used anywhere in the state to attract jobs. Sen. Brad Lager, R-Savannah, accused municipalities of abusing tax credits such as this one because it allows them to fund projects with state money without using any of their own. The bill caps this credit at $60 million per year. The Tax Credit Review Commission recommended the program's current $140 million-per-year cap be reduced to $75 million.

 

More News

Grid
List
JEFFERSON CITY - Neighbors in Jefferson City were already watching the Missouri River rise, but no one planned on an... More >>
9 hours ago Friday, May 24 2019 May 24, 2019 Friday, May 24, 2019 11:42:00 PM CDT May 24, 2019 in News
COLUMBIA - According to the Callaway County Sheriff's Office, water was over the runways at Jefferson City Airport in Callaway... More >>
12 hours ago Friday, May 24 2019 May 24, 2019 Friday, May 24, 2019 8:09:00 PM CDT May 24, 2019 in Coverage From Callaway
COLUMBIA - A man involved in a car crash on I-70 May 16 has died from his injuries. William... More >>
14 hours ago Friday, May 24 2019 May 24, 2019 Friday, May 24, 2019 6:31:00 PM CDT May 24, 2019 in News
BOONE COUNTY - The Missouri River has completely overflowed its banks near the end of South Route N. near Ashland.... More >>
14 hours ago Friday, May 24 2019 May 24, 2019 Friday, May 24, 2019 6:16:00 PM CDT May 24, 2019 in News
JEFFERSON CITY - Jefferson City is offering instructions on how to get rid of the debris created by Wednesday's tornado.... More >>
15 hours ago Friday, May 24 2019 May 24, 2019 Friday, May 24, 2019 5:08:00 PM CDT May 24, 2019 in News
JEFFERSON CITY - Insurance agents are warning people hit by Wednesday's tornado to be careful about signing repair contracts. ... More >>
17 hours ago Friday, May 24 2019 May 24, 2019 Friday, May 24, 2019 3:26:00 PM CDT May 24, 2019 in News
JEFFERSON CITY – Volunteers from all over Jefferson City are working to help those affected by the tornado. The... More >>
18 hours ago Friday, May 24 2019 May 24, 2019 Friday, May 24, 2019 2:37:00 PM CDT May 24, 2019 in Top Stories
JEFFERSON CITY - Members from House of Refuge are keeping their faith after Wednesday's tornado completely destroyed their church. ... More >>
19 hours ago Friday, May 24 2019 May 24, 2019 Friday, May 24, 2019 1:37:00 PM CDT May 24, 2019 in Top Stories
ROCHEPORT - The 11th annual Pedaler's Jamboree bike ride got a good start Friday, and Missouri River levels are falling.... More >>
21 hours ago Friday, May 24 2019 May 24, 2019 Friday, May 24, 2019 10:47:00 AM CDT May 24, 2019 in News
JEFFERSON CITY (AP) — Missouri Gov. Mike Parson on Friday signed a bill that bans abortions on or beyond the... More >>
22 hours ago Friday, May 24 2019 May 24, 2019 Friday, May 24, 2019 10:32:00 AM CDT May 24, 2019 in News
JEFFERSON CITY - Missouri Task Force 1 has deactivated from Jefferson City after an EF-3 tornado swept through the area... More >>
23 hours ago Friday, May 24 2019 May 24, 2019 Friday, May 24, 2019 9:11:00 AM CDT May 24, 2019 in News
JEFFERSON CITY - As Jefferson City continues to clean up from the tornado on Wednesday night, it still has to... More >>
1 day ago Friday, May 24 2019 May 24, 2019 Friday, May 24, 2019 12:51:00 AM CDT May 24, 2019 in News
JEFFERSON CITY- During the chaos of the tornado in Jefferson City, one cheerleading and "American Ninja Warrior" gym got torn... More >>
1 day ago Friday, May 24 2019 May 24, 2019 Friday, May 24, 2019 12:15:00 AM CDT May 24, 2019 in News
JEFFERSON CITY - Volunteers from around Missouri came out to help with the disaster that Wednesday night's EF-3 tornado brought... More >>
1 day ago Thursday, May 23 2019 May 23, 2019 Thursday, May 23, 2019 11:52:00 PM CDT May 23, 2019 in News
JEFFERSON CITY - The Missouri Office of Administration said Wednesday's tornado "caused significant roof damage" to two buildings at the... More >>
1 day ago Thursday, May 23 2019 May 23, 2019 Thursday, May 23, 2019 10:54:00 PM CDT May 23, 2019 in News
JEFFERSON CITY - Students who visited the Simonsen Ninth Grade Center in Jefferson City Thursday said it is heartbreaking to... More >>
1 day ago Thursday, May 23 2019 May 23, 2019 Thursday, May 23, 2019 9:17:00 PM CDT May 23, 2019 in News
COLUMBIA - Missouri's U.S. Senators both voted yes Thursday on a disaster aid bill that includes fresh resources for farms... More >>
1 day ago Thursday, May 23 2019 May 23, 2019 Thursday, May 23, 2019 5:38:00 PM CDT May 23, 2019 in News
JEFFERSON CITY - Resources are available across the area for those affected by tornadoes in Jefferson City and Eldon Wednesday... More >>
1 day ago Thursday, May 23 2019 May 23, 2019 Thursday, May 23, 2019 5:02:00 PM CDT May 23, 2019 in News
Columbia, MO
Broken Clouds 69°
9am 70°
10am 72°
11am 75°
12pm 77°