JEFFERSON CITY, Mo. (AP) – The Missouri Senate has endorsed legislation that
could limit tax breaks for new developments in flood plains.
A bill given initial approval Wednesday would prohibit new “tax increment
financing” projects in areas designated as flood plains by the Federal
Emergency Management Agency. But an amendment added by a Kansas City area
lawmaker would exempt Clay, Jackson and Platte counties.
The legislation comes as parts of Missouri are being hit by flooding.
Tax increment financing projects are common across Missouri. They allow a
portion of the increased tax revenues resulting from a development to be used to
pay for it, instead of going to schools and other local governmental entities.
The legislation also narrows the criteria for which local governments can
declare an area “blighted” to redevelop it with tax incentives.
WebReadyTM Powered by WireReady® NSI