ST. LOUIS (KMOX) – Missouri State Auditor Nicole Galloway says the state could face a $3 billion loss from tax credits over the next 15 years.
A new report says that’s how much lawmakers have authorized for tax credits that have not yet been redeemed. Galloway wasn’t available for an interview but sent a recorded statement.
“Tax credit programs serve a purpose, but each one must be regularly analyzed for efficiency, effectiveness, and to make sure they meet their desired purposes,” Galloway said in a recorded statement. “Budgets are about proprieties and the impact tax credits have on the budget has to be considered.”
The recording also stated policy makers need accurate and realistic data on tax credits to weigh benefits against the impact on the state’s finances.
The state has spent $5.4 billion giving out tax credits over the past decade – and may be on the hook for billions more.