The state of Missouri issued more than $550 million in tax credits in fiscal year 2019.
Missouri budget writers will hear a detailed report about tax credits later this month. The House Budget Committee has scheduled a June 30 hearing at the Statehouse in Jefferson City, which is the committee’s annual tax credit review hearing.
Budget Committee Chairman Cody Smith, R-Carthage, tells Missourinet that the state issued $551.79 million in tax credits in fiscal year 2019. Chairman Smith notes fiscal year 2020 is still to be determined.
The tax credit issue has been a controversial one at times, during recent years in Jefferson City.
Tax credit supporters say they create jobs and are crucial to landing projects across the state, including many rural areas that need good-paying jobs.
Opponents of tax credits say they reduce funding for other parts of Missouri’s approximately $30 billion state operating budget, and sometimes go to well-connected developers. Former Governor Eric Greitens (R) was a critic of tax credits.
The June 30 hearing will take place in the Missouri House chamber.
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