Tax Credit Commission Recommends Cuts
JEFFERSON CITY - It's been months since Gov. Jay Nixon first urged the legislature to fix the state's tax credit system and, in turn, help fix the state's budget shortfall. House republicans blocked that effort, saying the breaks are good for business.
Now, Nixon can again urge lawmakers to act, this time with the results of a commission he formed to back him up. The Missouri Tax Credit Review Commission recommended 28 programs be cut and another 30 scaled back.
The most dramatic: a $65 million proposed cut to historic tax credits that developers use to fix up buidings.
St. Louis Mayor Francis Slay disagreed yesterday and said those tax breaks have been key to bringing back the city's downtown area. Of course, these recommendations are only that. Lawmakers would still have to approve them this spring.