The Missouri House of Representatives approved an economic development bill that includes tax credits towards a China trade hub at Lambert-St. Louis International Airport, a corporate income tax reduction from 6.25 percent to 5.5 percent starting in January 2012, and changes to the historic and low-incoming housing tax programs. The tax credit amendment is significantly different than the Senate approved version of the bill that includes indefinite seven-year sunsets which would eliminate the tax credit programs by August 2018. House legislators fear that an expiration date for the tax credits would make it too easy for a single Senator to block the program’s renewal in the future. Instead, the House bill proposes legislative votes every four years regarding the extensions of historic and low-income tax credits, with the next vote proposed for 2016. The House also includes a stipulation that this measure must first be approved by Missouri voters. The legislation will now return back to the Senate and a conference committee could be called to reconcile the differences.
To read about the legislation, click here.
