Missouri tax incentive bill passes House, but stalls in Senate
Some opponents call it corporate welfare
JEFFERSON CITY, Mo. — A proposal to expand a Missouri tax incentive program for businesses has won overwhelming support in the state House but could meet more resistance in the Senate.
A bill to allow the Department of Economic Development to dole out tax credits to businesses sooner passed the House 136-29 on Monday.
Backers say the program would serve as a “closing fund” to attract and retain businesses. The proposals would allow the Economic Development Department to offer tax credits within a year of striking deals requiring businesses to meet certain job creation metrics.
A similar proposal is stalled in the Senate. Some Senate Republicans criticized the program as corporate welfare and questioned whether it’s necessary.
Currently, tax incentives are available after jobs are created and are spread out over a period of years.
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