Nixon expects Missouri tax credit review by Thanksgiving

Wednesday, September 8, 2010 | 11:21 a.m. CDT; updated 12:02 p.m. CDT, Wednesday, September 8, 2010

JEFFERSON CITY— Gov. Jay Nixon has given a special commission two months to review Missouri's tax credits and recommend which can be eliminated or scaled back.

The 25-member Tax Credit Review Commission appointed by Nixon kicked off its work Wednesday in Jefferson City. It plans five regional meetings in coming months.

Nixon set a Thanksgiving deadline for the group to analyze which tax breaks create jobs, spur economic development and improve communities.

Missouri is projected to grant almost $500 million in tax credits this year, and Nixon projects a budget shortfall of more than $400 million next year.

Lawmakers placed caps on some tax credits in 2009. But they were unable to agree this year on further restrictions.