House Economic Development committee passes tax credits substitute

See Related Stories

4/28/2011: Newspaper Story - Legislators worked into the late hours of the night Wednesday debting legislation modifying numerous tax credit provisions.

3/29/2011: Radio Story - A Missouri House committee approves state tax credits for a Chinese cargo venture,

Intro:	The Missouri House Economic Development committee passed a last-minute change to a tax credit bill.
RunTime:	0:33
OutCue:	SOC

Wrap: Chairwoman Anne Zerr says the late push was necessary to bring the various tax credits to the House floor before the end of the legislative session.

One of those tax credits involves low-income housing.

The substitute calls for placing a cap at 110 million dollars.

St. Louis Representative Jamilah Nasheed says she thinks this is bad news for her constituents.

Actuality:	NASHEED1.WAV
Run Time:	00:06
Description: "I think they're pulling from the tax credits that impact the quality of life for low-income people."

Zerr says she thinks it will go to the floor Tuesday.

Reporting from the state Capitol, I'm Alon Gilboa.

Intro:	A Missouri House committee changed a Senate bill restraining low-income housing by imposing a funding cap.
RunTime:	0:44
OutCue:	SOC

Wrap: The substitute involves a variety of new tax credits, as well as modifications to existing ones.

The committee met briefly during a break from the regular House session.

One of the more controversial changes includes placing a cap for low-income housing at 110 million dollars.

St. Louis Representative Jamilah Nasheed says she thinks this is the opposite of what the inner-cities need.

Actuality:	NASHEED2.WAV
Run Time:	00:09
Description: "I think we need more money put into low-income tax credits, due to the fact that it really generates a sense of neighborhood."

Supporters of the cap say it's important for the state to place limits so as to increase financial certainty.

The substitute is expected to go to the House floor Tuesday.

Reporting from the state Capitol, I'm Alon Gilboa.

Intro:	A Missouri House committee changed a tax bill that would limit tax credits for low-income housing.
RunTime:	0:38
OutCue:	SOC

Wrap: The substitute involves a variety of new tax credits, as well as modifications to existing ones.

One of the more controversial changes includes placing a cap for low-income housing at 110 million dollars.

Chairwoman Representative Anne Zerr says it will help the state's finances.

Actuality:	ZERR1.WAV
Run Time:	00:09
Description: "It really wouldn't be reducing it, it's putting a cap on it. So, there's some certainty that way, the state knows that this is what the limit will be."

Zerr says it's necessary to bring the various tax credits to the House floor before the end of the legislative session.

She says she thinks it will go to the floor Tuesday.

Reporting from the state Capitol, I'm Alon Gilboa.