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State tax commission proposes $220M in savings

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The Missouri Tax Credit Review Commission submitted its report to Gov. Jay Nixon on Nov. 30, which made recommendations designed to increase the effectiveness of state tax credit programs.

The bipartisan commission was formed July 21 by Nixon and is comprised of 25 business, community and legislative leaders, including Springfieldians Mark Gardner, president and general counsel of tax credit broker Gardner Capital Inc., and Jim Anderson, president of the Springfield Area Chamber of Commerce.

In the report, the commission recommended policies that could equate to $220 million in short- and long-term savings if the entire reported is adopted by the General Assembly.

In a news release, the commission outlined primary recommendations made, including:
  • eliminating or combing 28 tax credit programs the commission found to no longer be useful;
  • improving 30 tax credit programs to provide a greater taxpayer investment return;
  • making tax credit reviews by the General Assembly more organized;
  • having the General Assembly impose an annual cap on tax programs that don't currently have one;
  • amending Missouri law to improve the efficiency of Missouri tax credit programs; and
  • allowing a voluntary buy-back or exchange of outstanding tax credits for less than the credits' face value.

The 54-page report can be found on the commission's Web site.

In a preliminary response, Nixon said he would carefully read and review the recommendations presented in the report.

"I look forward to working with legislators on both sides of the aisle to ensure that state taxpayers get the greatest possible return on investment from tax credits, and that we use these financial tools wisely, effectively and efficiently to achieve our economic goals," he said in a news release. "In the coming weeks, it will provide a useful framework for further discussion and debate in the General Assembly."

For further coverage, look to the Dec. 6 Springfield Business Journal print edition.[[In-content Ad]]

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