Citing record redemptions of Missouri's 61 tax credit programs in Fiscal Year 2012, Gov. Jay Nixon today called upon the Bi-Partisan Missouri Tax Credit Review Commission to update the original report it released in November 2010. Between fiscal years 2010 and 2012, redemptions of state tax credits increased 15.4 percent, setting an all-time record.
The commission will meet on Wednesday, Sept. 12, at the State Capitol to gather information and solicit testimony.
"Effective economic incentives create jobs, promote growth and move our communities and our economy forward," Gov. Nixon said. "Over the past two years, we have seen significant growth in tax credit redemptions, which set an all-time record in Fiscal Year 2012. As Governor, I am committed to maintaining fiscal discipline, and that includes ensuring that Missouri taxpayers receive the greatest possible return on investment from these programs. By reconvening this commission, we will examine these trends and develop recommendations for making these programs more efficient."
During fiscal year 2010, redemptions for Missouri's tax credit programs totaled $522.9 million. During fiscal year 2012, which ended last June 30, redemptions totaled $629.3 million, an increase of 15.4 percent and an all-time record.
"Every dollar Missouri spends on economic incentives is a dollar we don't have to invest in other critical priorities, such as education and public safety," Gov. Nixon said. "I am asking this commission to refresh its thorough report on each and every state tax credit program so that we know which programs are delivering for Missouri taxpayers."
The Bi-Partisan Missouri Tax Credit Review Commission was created by Governor Nixon on July 21, 2010, with the mission to review each of the state's 61 tax credit programs and make recommendations for greater efficacy and enhanced return on investment.
The commission includes 27 business, community and legislative leaders from across Missouri. The group is co-chaired by former State Senate Appropriations Chair Sen. Chuck Gross (R- St. Charles), who now serves as director of administration for St. Charles County, and Steve Stogel, president of the DFC Group in St. Louis.
The Commission issued its original report to the Governor on Nov. 30, 2010; that report can be viewed in its entirety at http://tcrc.mo.gov.