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Wednesday, April 1, 2009

Missouri Senate Now Considering $100 Million Cap on Historic Tax Credits

Yesterday, the Missouri State Senate took a few steps toward passage of the Quality Jobs bill favored by Governor Jay Nixon. The new version of the bill, which stalled but indicates the direction the Senate is heading, includes a $100 million cap on the state's historic rehabilitation tax credit, an amount $70 million less than the figure for credits issued in 2008.

Floor debate lasted until well after 11:00 p.m., with several amendments offered. Two good amendments adopted were one by Sen. John Griesheimer (R) to remove language that would subject tax credits to appropriation by the General Assembly and another offered by Sen. Brad Lager (R) to remove prohibitions on layering different tax credits. Lager had written that prohibition but offered the removal as a compromise.

Lager, one of the most ardent opponents of the historic rehabilitation tax credit, stated yesterday that $100 million was the highest cap on the historic tax credits that he would accept.

Keep calling and writing your senators, representatives and governor. Governor Nixon has yet to make any promise to support the historic tax credit. Nixon's influence could prevent a cap from being included in the final version of the bill.

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