Tax credits, whether they truly help the economy, will be the subject at a public hearing today in Kansas City.
A special legislative committee has begun reviewing the tax credits Missouri uses to lure business to the state and entice existing business to expand. The breaks also help renovate historic buildings, offset property taxes and encourage use of alternative energy.
A member of the Joint Committee on Tax Policy, Sen. Brad Lager (R-Maryville), says the state is on a "feeding frenzy" with tax credits. Lager estimates the state gives away $500 million a year in tax credits. He says it is very difficult for lawmakers to determine whether the tax credits do what proponents say they do; whether they truly stimulate the economy and create jobs.
The Joint Committee on Tax Policy has met at the Capitol in Jefferson City. During that meeting, committee members questioned whether two tax credits aimed at the agriculture sector are worth their $50 million price tag.
The committee holds a public hearing today (Monday, 9:30am) at the Kansas City Public Library, 14 W. 10 th Street. The hearing will be held in the library’s auditorium.
The Missouri State Assessors Association and Missouri State Tax Commission will attend the hearing to discuss property tax issues.
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