The legislature has talked about reforming the tax credit system for more than a decade. It has a chance to do that in the last two weeks of the session.
The state senate is ready to pass a bill giving lawmakers more oversight on the taxes the state lets developers and businesses keep—and use to create jobs. A couple of generations of legislators have questioned whether Missouri gets its money’s worth by giving out those credits.
Senator Chuck Purgason of Caulfield has headed the committee that caps some tax credit programs, reduces some, and phases some out.
He know some people will criticize him and his colleagues for eliminating tax credits that benefit them and their projects and for limiting or eliminating programs that benefit low-income Missourians. But Purgason says those programs were created when the state had plenty of money—and those days are gone.
The bill will be in the House next week, the next-to-last week of the session.