by Michael R. Allen
Today Missouri State Representative Steve Hobbs (D) and Sam Komo (R) introduced HR 2399, a bill which would implement Democratic Governor Jay Nixon’s proposal to limit issuance of all economic development tax credits to not exceed seventy percent of the total dollar amount of all state tax credits redeemed during the fiscal year ending on June 30, 2009 and hand over discretionary allocation power to the Department of Economic Development. The bill would implement the policy effective July 1, 2010 and would greatly limit usage of the state historic rehabilitation tax credit as well as the low income and brownfields credits.
The bill is referred to the Job Creation and Economic Development Committee chaired by Representative Tim Flook (R).
3 replies on “Missouri House Bill Would Cap Tax Credits”
Nixon, your are an idiot kowtowing to idealogues for what? Political gain? Do you really think I'm going to vote for you again after this? Ya' dance with who brung ya', not the knuckledragging rube who kicked sand in your face. Idiot. Bipartisanship, my arse.
Let's do this thing and spark some development. It amazes me how many people who are against development, especially in north St. Louis, either don't live in the city at all and/or they definitely don't live on the north side. A blind man can see the devastation. They have to be used "wisely" but they must be used!
Capping tax credits does not encourage development. Without tax credits many North Side projects wouldn't exist.