Governor calls for review of state tax credits

Gov. Jay Nixon has called for the Tax Credit Review Commission to review the state's 61 tax credit programs, citing an increase in organizations using them.

In fiscal 2010, when the commission first met, redemptions for Missouri's tax credit programs totaled $522.9 million. During fiscal 2012, redemptions rose 15 percent to a record high of $629.3 million, according to a news release.

"As governor, I am committed to maintaining fiscal discipline, and that includes ensuring that Missouri taxpayers receive the greatest possible return on investment from these programs. By reconvening this commission, we will examine these trends and develop recommendations for making these programs more efficient," Nixon said in the release.

The commission is scheduled to meet Sept. 12 to gather information and solicit testimony. The commission comprises 27 business, community and legislative leaders from Missouri.

After the commission was created by Nixon in July 2010, it submitted a report that called for the removal of some programs and the improvement of others. In the February 2011 report, the commission said tax credit redemptions had grown to $521.5 million from $102.7 million during calendar years 1998-2010, averaging 17.4 percent growth each year.[[In-content Ad]]