Missouri panel recommends $220M in tax credit savings

JEFFERSON CITY | A commission appointed by Gov. Jay Nixon is recommending changes to Missouri's tax credit system that could save as much as $220 million.

The Tax Credit Review Commission on Tuesday recommended the elimination of 28 tax credit programs that it says have outlived their usefulness or do not create enough benefit. It said an additional 30 programs could be made more efficient.

Missouri has 61 programs offering state income tax credits for business expansions, the renovation of historic buildings, the construction of low-income housing, charitable donations and various other things. Last year, the state waived $521 million in taxes because of those credits.

Nixon ordered a review of Missouri's tax credits because their growth has far outpaced that of state revenues over the past decade.