JEFFERSON CITY - A committee created by the Missouri Economic Development Department heard public testimony yesterday on cutting $7.5 million in tax credits for this fiscal year.
The cuts in tax credits are part of Gov. Bob Holden's plan to cut the state budget due to anticipated revenue shortfalls.
Economic Development Director Joe Driskill created an ad hoc committee to decide which tax credit programs should be cut. The committee consists of economic development officials from around the state as well as Driskill and Missouri Revenue Director Carol Fischer.
Driskill said he was looking to implement short-term and long-term changes to the tax credits. The tax credits cost Missouri $163 million in the last fiscal year and are projected to cost $200 million this fiscal year, Driskill said.
More than 50 people testified before the committee, with the most popular issues being those of historic preservation, youth opportunity, and neighborhood assistance. Most of the participants wanted to keep those programs intact.
The committee will receive written testimony until Oct. 10, and expects to make a decision later this fall.