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JEFFERSON CITY, Mo. (AP) - Missouri could award additional tax credits for donations to pregnancy resource centers, food pantries and maternity homes under legislation endorsed by the Missouri Senate.
 
Under the bill given first-round approval Tuesday, the current annual tax credit cap would increase by $500,000 for all three programs. The pregnancy and maternity center tax credits would be limited to $2.5 million per year and the food pantry program would be capped at $1.75 million annually.
 
The legislation would also expand an existing tax credit program to apply toward donations for programs that provide food for students during non-school hours. That credit would be capped at $500,000 per year.
 
The measure needs one more vote before moving to the House.
 
 
Published in Local News
Wednesday, 18 December 2013 07:37

Audits forthcoming on 3 Mo. tax credit programs

   JEFFERSON CITY, Mo. (AP) - Missouri Auditor Tom Schweich says he will have reports coming out soon on some of Missouri's biggest tax credit programs.
   Schweich says he hopes to release audits early in the 2014 legislative session on tax credits for developers who build low-income housing, renovate historic buildings and clean up contaminated old business sites.
   Missouri waived $144 million of taxes during its last budget year because of the low-income housing credits. Developers redeemed nearly $79 million in historic preservation tax credits and more than $6 million in Brownfield remediation tax credits for work on contaminated sites.
   Lawmakers are to consider new limits on some of those tax credit programs during their session that starts Jan. 8.
   Schweich said he wants the audits out early enough that lawmakers can use the information.
 
Published in Local News
Tuesday, 03 December 2013 02:25

Slay to testify on Boeing plant tax incentives

   St. Louis Mayor Francis Slay will be in Jefferson City Tuesday to testify in favor of tax breaks aimed at luring Boeing's 777X plant to St. Louis.  

   Yesterday, a bill was introduced that would expand state tax credit programs by $150 million for aerospace companies that create at least 2,000 jobs in Missouri.  

   Slay will make the case to a Senate subcommittee that landing the Boeing plant would be good for the St. Louis region and the whole state.  

   Governor Jay Nixon says Missouri is facing a December 10th deadline to submit an offer to Boeing.  

Published in Local News
Saturday, 09 November 2013 09:18

Ballot proposal seeks cap on Mo. tax credits

JEFFERSON CITY, Mo. (AP) — A coalition backing a Missouri income tax cut has put forward a potential ballot initiative limiting state tax credits.

Grow Missouri says it filed two initiatives Friday with the secretary of state's office that would amend the Missouri Constitution to curb tax credits.

One plan would impose a $200 million annual cap on tax credits; the other would ban all new tax credits upon voter approval of the amendment on the November 2014 ballot. If the state nonetheless exceeds the tax credit caps, the proposals would trigger an automatic reduction in the state's income tax rate.

The treasurer for Grow Missouri says the group plans to file additional ballot initiatives in the coming weeks that would reduce Missouri's income tax rates for businesses and individuals.

Published in Local News
Thursday, 14 March 2013 04:27

MO lawmakers renew charitable tax credits

JEFFERSON CITY, Mo. (AP) — Missouri lawmakers have given final approval to a bill that would renew tax credits for charitable causes but end them for international adoptions.

The legislation sent Wednesday to Gov. Jay Nixon would reinstate tax credits for food pantry donations that expired in 2011 and for donations to pregnancy resource centers and child advocacy centers that expired in 2012.

It also renews tax credits for surviving spouses of deceased public safety officers and for people who improve their homes to be accessible to the disabled.

But the bill halts state tax credits for people who adopt children from other countries or other states. It keeps adoption tax credits in place only for Missouri children with "special needs."
Published in Local News
JEFFERSON CITY, Mo. (AP) — The Missouri House has passed legislation that would renew tax credits for charitable causes such as food pantries and centers for pregnant woman.

The vote Wednesday by the House puts the legislation just one final step from the governor's desk. The Senate previously passed the bill and must give it another vote.

The legislation would reinstate tax credits for food pantry donations that expired in 2011 and for donations to pregnancy resource centers and child advocacy centers that expired in 2012. All three of those tax credits would be extended to 2019.

The bill also renews tax credits for surviving spouses of deceased public safety officers and for people who improve their homes to be accessible to the disabled.
Published in Local News
JEFFERSON CITY, Mo. (AP) - Missouri senators have passed legislation scaling back tax breaks for developers and offering new incentives for high-tech businesses and world trade.

The Senate's 27-7 vote Thursday sends the bill to the House, where it already faces some opposition.

House Speaker Tim Jones has said senators "over-reached" by significantly lowering the amount of tax credits available for the construction of low-income housing and the renovation of historic buildings. But Jones likes provisions in the Senate bill that create new tax credits for air cargo exports, computer data centers and investors in high-tech, start-up businesses.

Gov. Jay Nixon praised the bill Thursday for containing "long-overdue reforms" to tax credits.

A similar proposal to overhaul Missouri's tax credits failed during a 2011 special session.
Published in Local News
Tuesday, 12 February 2013 08:40

Paul McKee to appeal for tax credit extension

Developer Paul McKee will be in Jefferson City Tuesday, trying to save his stalled NorthSide Regeneration project. The McEagle Properties chairman will ask the House Economic Development Committee to extend the tax credit program he's been using to amass land for the project.

The $95 million Distressed Areas Land Assemblage credit was passed in 2007 and will expire this August.

McKee's company has received more than $40 million so far and amassed 2,200 parcels of land in north St. Louis for the project. But McKee told the St. Louis Post-Dispatch that he's needs to buy another 500 parcels for contiguous sites.

The NorthSide project calls for new and refurbished homes, retail and manufacturing space, along with schools and medical facilities on a two square mile area just north of downtown.
Published in Around Town
Tuesday, 12 February 2013 00:45

Paul McKee to appeal for tax credit extension

Developer Paul McKee will be in Jefferson City Tuesday, trying to save his stalled NorthSide Regeneration project. The McEagle Properties chairman will ask the House Economic Development Committee to extend the tax credit program he's been using to amass land for the project.

The $95 million Distressed Areas Land Assemblage credit was passed in 2007 and will expire this August.

McKee's company has received more than $40 million so far and amassed 2,200 parcels of land in north St. Louis for the project. But McKee told the St. Louis Post-Dispatch that he's needs to buy another 500 parcels for contiguous sites.

The NorthSide project calls for new and refurbished homes, retail and manufacturing space, along with schools and medical facilities on a two square mile area just north of downtown.
Published in Local News
JEFFERSON CITY, Mo. (AP) - The Missouri House has passed a bill re-instating tax credits for donations to certain charitable organizations.

The House voted 149-2 Thursday to extend until 2019 tax breaks for contributions to food pantries, pregnancy resource centers and child crisis nurseries. Those tax breaks have either expired or will expire during 2013.

Donations to included charities that occur after Jan. 1 of this year would still receive a tax credit.

The legislation also extends the expiration date on incentives for the surviving spouse of a slain public safety officer and for homeowners who make renovations to accommodate people with disabilities.

The measure will head to the Senate, which passed similar legislation last week. Its version extends the incentives, but eliminates a tax break for parents adopting children from out-of-state.
Published in Local News

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