Leaders of the Missouri State House and Senate reached an agreement this week concerning a $1.5 billion economic development and tax credit reform package and Governor Jay Nixon said he will call the legislature back for a special session later this year to consider the package. The bill is partially based on the findings of the bipartisan Missouri Tax Credit Review Commission, which had previously called for eliminating, combining or phasing out 28 different tax credit programs. Among other things, the bill would reduce funding for the state’s historic preservation tax credit from $140 million to $90 million and cut the low-income housing tax credit from $190 million to $130 million, as well as prohibit the two tax credits from being combined.
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