Audit shows Missouri faces $3B tax credit revenue loss

JEFFERSON CITY (AP) — Missouri faces billions of dollars in revenue losses from unredeemed tax credits and the economic benefits of credits have been overstated by state agencies, according to a report released Wednesday by Missouri Auditor Nicole Galloway.

About $3 billion in tax credits authorized by lawmakers have not yet been redeemed, the report found, meaning that the state might lose out on that revenue over the next 15 years.

Galloway, a Democrat, called on lawmakers who craft the state's budget to weigh the cost and benefits of tax credits. Missouri lost out on $5.4 billion in revenue because of tax credits over the past decade, the report says.

"Tax credit programs serve a purpose, but each one must be regularly analyzed for efficiency, effectiveness and to ensure they meet desired purposes," Galloway said in a statement accompanying the report. "Budgets are about priorities and the impact tax credits have on the budget has to be considered."

Read more: http://www.news-leader.com/story/news/politics/2017/06/21/audit-shows-missouri-faces-3b-tax-credit-revenue-loss/103084144/