Tax credits facing backlash in Mo. Senate

Posted: 02.12.2009 at 3:16 PM

Read more: State, Local, Gov. Jay Nixon, Job Creation Plan, Tax Credits, Businesses

JEFFERSON CITY, Mo. (AP) - Gov. Jay Nixon's job-creation plan depends on the expansion of state tax credits for businesses. But a backlash against tax credits is mounting in the Senate.

Several senators are vowing that no economic development bill will pass unless it also includes new restrictions on state tax credits.

Among their proposals are caps on the amount of tax credits that can be issued through the Missouri Development Finance Board or for the renovation of historic buildings.

An analysis by the Senate Appropriations Committee shows the state missed out on more than $500 million last year because of tax credits.

A job-creation bill expected to be considered next week by the Senate is estimated to include around $100 million in additional tax credit authority.

(Copyright 2009 by The Associated Press. All Rights Reserved.)

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