Missouri Senate approves tax credits compromise

Wednesday, May 16, 2012 | 3:23 p.m. CDT

JEFFERSON CITY — The Missouri Senate has voted to authorize new tax credits to attract amateur sporting events to the state.

The measure, approved in a 28-3 vote Wednesday, would also cap the amount of tax credits available to refurbish historical buildings at $75 million. The state currently authorizes $110 million each year on such incentives.

Several senators hailed the legislation as a compromise between those who want to expand or limit the state's tax incentives.

The tax credit deal was tacked onto legislation imposing new requirements on state economic development officials who screen businesses requesting financial incentives. The full measure now goes back to the House, which can accept the Senate's changes or send the bill to negotiations between the two chambers.

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