© 2024 St. Louis Public Radio
Play Live Radio
Next Up:
0:00 0:00
Available On Air Stations

Nixon proposes slashing tax credits by half

By St. Louis Public Radio staff

St. Louis – Missouri governor Jay Nixon wants to cut the state's $650 million dollar tax credit program in half.

The budget Nixon outlined in January faces as much as a $500 million shortfall amid dwindling tax revenues and uncertain federal aid.

Nixon's economic development director outlined a plan to consolidate the state's 60 tax-credit programs into six broader initiatives. Those include redevelopment, low-income housing, and the financial and insurance industries.

The governor wants to cut Missouri's historic preservation tax credit by more than half.