Missouri Senate will debate tax credit caps
Lager
JEFFERSON CITY — Sen. Brad Lager has fine-tuned his plan to cap all state tax credit programs and expects to pitch the changes to fellow senators today.
The substitute bill would limit historic preservation credits to $75 million a year instead of the $50 million proposed earlier. Still, it’s unlikely to make preservationists happy.
Under current law, subsidies for restoring historic buildings are unlimited. Last year, the state authorized $170 million for such projects.
Lager, R-Savannah, said only four budget lines get more general revenue. They include aid to public schools and the University of Missouri as well as health care for the poor and state employees.
He said the Legislature is spending more on historic preservation than on community colleges, which draw a total of $135 million in operating funds.
Other flashpoints in the bill include:
– Whether development projects should be able to tap more than one state subsidy program.
– Whether the state can get more bang for the buck from its low-income housing tax credit by seeking a technical change in federal tax treatment of credits.
– How much control the Legislature should have over the Missouri Development Finance Board.
– Whether all tax credits should be subject to the annual appropriations process.
Attempts to rein in tax credits have become intertwined with Gov. Jay Nixon’s jobs bill, which would increase tax credits for some incentive programs. Looks like it could be a long debate.
Way to try and raise taxes, GOPers.
I could point out a couple of diffrences between the historic tax credits and the community colleges - the historic tax credits make money for the state, the tax credits create something like 40,000 jobs a year (at the current spending level), and the tax credits leverage massive levels of federal and private spending in distressed parts of the state. It almost sounds like Lager would be happy with a change in how the money is counted instead of how the money is spent.
They just can’t leave a successful program alone, can they? First Reagan in 86′ Now Lager in Missouri. Is it so difficult to see towns and cities revive their downtowns?
How old is Lager? That looks like his high school yearbook picture. Time for a statesmanlike portrait, senator.
As a Veteran who has paid for, and lived in his home for more than 55 years. Fine tuning Tax Credits; $75 Million, $50 million, satisfying who???
What will you do for the elderly whom live on social security and still live in the home they raised their family in. Who are threatened every year if their property taxes are not paid. They will loose their home to the County and State. Result? Homeless folks.
I believe they have the “cart before the horse”. Consider the average citizens tax obligations who have a fixed income. Citizens over 80 years old should not have to pay taxes, let them die in peace.
I lived thru the Roosevel Depression, and believe me, you don’t know what a Depression is.