A plan approved by the Missouri Senate would scale back a tax credit program that helped developers restore and reuse old buildings.
The bill, sponsored by Sen. Dan Hegeman, R-Cosby, would reduce the annual cap on credits to $90 million, down from $140 million. It would allow the state to allocate another $30 million for the program if the cap is met and the projects are tailored for high-poverty areas.
The bill passed the Senate with a 24-8 vote and was advanced to the House.
The measure also alters the process by which tax credits are awarded and gives more control over who receives them to the Department of Economic Development.
Opponents of the cut say historic tax credits are valuable because $4 in private funding is required for $1 of credit and generates additional sales taxes and jobs for cities.
Read more: St. Louis Post-Dispatch