Missouri Senate endorses tax incentive overhaul

JEFFERSON CITY — Missouri senators have endorsed legislation creating new incentives for high-tech businesses and international exports while paring back existing tax credits.

The legislation given initial approval early Wednesday authorizes up to $60 million in tax credits for air cargo exports over eight years and $36 million over six years for investors in start-up businesses. It also creates new tax breaks for computer data centers.

To offset those costs, the legislation lowers the amount of tax credits available to develop low-income housing and renovate historic buildings. It also eliminates some tax credits.

Sponsoring Sen. Eric Schmitt, a St. Louis County Republican, says the bill could save Missouri money in the long run.

The bill is a trimmed back version of a tax credit overhaul that failed in a fall 2011 special session.