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LEGISLATION INTRODUCED TO CAP MISSOURI TAX CREDITS

Wednesday, March 31, 2010 - 8:15AM

A bill to place an aggregate cap on nearly all of Missouri's tax credit programs was introduced in the state House of Representatives on Monday. Sponsored by Reps. Steve Hobbs and Sam Como, H.B. 2399 alters the tax credit authorization laws relating to all but two programs: the Senior Citizens Property Tax Credit and the Homestead Preservation Tax Credit. Under the proposal, for fiscal years beginning on or after July 1, 2010, the aggregate amount of all other state tax credits authorized in any fiscal year could not exceed 70 percent of the total dollar amount of all state tax credits redeemed by July 1, 2010, for the fiscal year ending on June 30, 2009. The legislation also authorizes the Department of Economic Development to allocate tax credits at its discretion.

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