Missouri Minute: Audit shows $3B liability from tax credits; Nixa to break ground on solar farm

Here are today’s top business headlines from across Missouri:

Audit shows Missouri faces $3 billion tax credit liability

The Missouri budget is on the hook for $3 billion worth of tax credits that have been authorized but not redeemed, according to a report Wednesday from Missouri Auditor Nicole Galloway. The report is the latest examination of Missouri’s tax credit programs. In recent years, the Missouri auditor has issued reports questioning the efficiency and return on investment of various tax credits. Missouri lost out on $5.4 billion in revenue because of tax credits over the past decade, the report says. Read more

Nixa breaking ground on state’s largest solar farm

After years of delays and a change in developers, construction has begun on what will be the largest solar farm in Missouri. The project, which includes 33,288 solar panels, is led by Gardner Capital of Springfield working with the city of Nixa, Nixa Utilities and MC Power Companies of Independence. Nixa has agreed to buy 100 percent of the power generated by the farm. Read more

Loews named as operator of planned KC convention hotel

Hyatt will not be the operator of Kansas City’s planned downtown convention hotel after all. Developers announced Wednesday that New York-based Loews Hotels and Co., a luxury hotel operator, will be a joint venture partner with KC Hotel Developers LLC to build the hotel, and that its investment will be “substantial.” Loews will also be the hotel operator. Read more

St. Louis Regional Chamber releases some details as review of CEO continues

The St. Louis Regional Chamber’s executive committee has hired a prominent defense attorney and brought in a former chamber leader as a consultant while it reviews mismanagement claims against its CEO. Chamber President and CEO Joe Reagan has faced increased scrutiny internally and publicly since anonymous letter writers, believed to be current and former employees, demanded his ouster. Read more

Missouri attorney general sues three pharmaceutical companies alleging fraud

Missouri Attorney General Josh Hawley is taking the state’s fight against the opioid epidemic through the court system. On Wednesday, Hawley filed a lawsuit in St. Louis Circuit Court against three pharmaceutical companies, alleging that the companies fraudulently and deliberately misrepresented the addictive risks of opioids. Named in the suit are Purdue Pharmaceuticals, Endo Health Solutions, and Janssen Pharmaceuticals. Read more

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