MDN.ORG:
Missouri Digital News
MDN.ORG
Mo. Digital News
Missouri Digital News
MDN.ORG:
Mo. Digital News
MDN.ORG:
Missouri Digital News
MDN.ORG:
Missouri Digital News
MDN.ORG
Mo. Digital News
Missouri Digital News
MDN.ORG:
Mo. Digital News
MDN.ORG:
Missouri Digital News
| Intro: | Missouri's State Auditor Susan Montee called for more controls on tax credits Monday, leaving just three weeks in the session for lawmakers to take action. |
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| RunTime: | 0:44 |
| OutCue: | SOC |
Wrap: Montee's recommendation came just days after House Speaker Ron Richard said he would reject the governor's call to reform tax credits this year.
Last year, the state doled out nearly $600 million to fund tax credits. Gov. Nixon said last week that future funding should be half of that.
But Montee said controls aren't in place to keep the costs of tax credits from skyrocketing.
| Actuality: | MONTEE5.WAV |
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| Run Time: | 00:14 |
| Description: "If we're gonna have them, which we do, and if they're going to be off on their projections, which they are, then we need to have some things in place that could reign them in without a heated political debate over each individual one." | |
According to Montee, spending on tax credits exceeded projections by $1.1 billion in the past five years.
From the state Capitol, I'm Rebecca Berg.
| Intro: | State Auditor Susan Montee said Monday that Missouri's tax credit program is out of control -- and that's costing the state billions of dollars. |
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| RunTime: | 0:41 |
| OutCue: | SOC |
Wrap: The state government estimated it would spend $880 million on tax credits over the past five years.
Instead, the state paid out over $2 billion.
Missouri Auditor Susan Montee said the $1.1 billion gap comes from a combination of overspending and flawed fiscal estimates.
And these problems aren't just affecting the state's revenue stream -- Montee said they're also preventing productive legislative action.
| Actuality: | MONTEE4.WAV |
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| Run Time: | 00:05 |
| Description: "Even if the legislature is getting this information, the data is faulty." | |
But don't expect major changes anytime soon.
With the state already committed to $500 million in future tax credits, Montee said reform would be a "long-term project."
From the state Capitol, I'm Rebecca Berg.