Wednesday, March 11, 2009

State Senate Attempts Tax Credit Overhaul

JEFFERSON CITY, Mo. (AP) - After weeks of negotiation, senators unveil a plan that would rein in Missouri's tax credits while simultaneously creating new incentives for businesses.

The plan outlined Wednesday is a dramatic overhaul of the job-creation bill backed by Gov. Jay Nixon and passed previously by the House.
The core of the plan still would expand the state's Quality Jobs program, which offers tax breaks to businesses that add jobs with above-average wages and health insurance.
Some senators stalled the bill last month because of concerns that Missouri's tax credits had grown out of control. On Wednesday, they outlined a plan placing a dollar cap on the amount of tax credits that can be authorized annually for each of the state's tax credit programs.

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