Missouri Tax Credits
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Missouri's first tax credit was authorized in 1973 and many more have been adopted in the following years. Some of these programs have expired or have been eliminated from the statutes; however, the majority of the programs are still active today (Joint Committee on Tax Policy 2009, “Tax Credits in Missouri”). A tax credit is a dollar-for-dollar reduction, satisfaction, or payment of tax liability. Recently, the amount of tax credits that have been authorized, issued, and redeemed has grown and has had a significant impact on the state's general revenue collections, the state's fund which pays for most of Missouri's expenditures. Some policy-makers have concerns that this unchecked growth could lead to a state fiscal crisis in the future. This policy brief will explore the history of tax credits, many of the features that tax credits have, and the impact that the tax credits have had on the state's budget in the past and may have on the fiscal situation of the state in the future.
Schmidt, Brian. (2009). “Missouri Tax Credits” Report 10-2009. Retrieved [Month Day, Year], from University of Missouri Columbia, Institute of Public Policy Web site: http://www.truman.missouri.edu/ipp/