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.
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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.