Legislative Committee Studies State Tax Credits

A special legislative committee wants to reign in possible abuse of state tax credits, without overburdening legitimate uses of them. Alleged abuse of a tax credit program in St. Louis launched the investigation by the Joint Committee on Tax Policy into the 54 tax credit programs the state offers and led the committee to make eight recommendations for change. Accountability measures, reporting requirements and penalties for lack of compliance would be required for those receiving credits under the committee recommendations. Committee Co-Chairman, Senator Michael Gibbons of Kirkwood, says it boils down to giving the Legislature the information needed to evaluate the various programs. Gibbons makes no apology for pushing administrative moves that could add paperwork and expense to the businesses and individuals applying for state tax credits. The committee declined to make recommendations about specific tax credits. Gibbons says that is for the normal committee process to handle.