Missouri Senate passes overhaul of state tax credits

Wednesday, September 14, 2011 | 12:44 p.m. CDT

JEFFERSON CITY — Missouri senators have passed legislation paring back some of the state's biggest tax credit programs while creating new incentives for businesses.

The legislation is projected to save the state about $1 billion over 15 years by reducing or eliminating tax credits to build low-income housing, renovate historic buildings and for other business and social programs. The bill also would create several new tax breaks, including for computer data centers, amateur sports tournaments and businesses that arrange exports through Lambert-St. Louis International Airport.

Senators voted 26-8 Wednesday to send the bill to the House, which is expected to change it. The Senate version offers fewer new tax breaks and makes deeper cuts to some existing tax credits than had been proposed by House and Senate leaders earlier this summer.

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