Source: US Bureau of Labor Statistics
Source: US State of Missouri
As I mentioned last week, Missouri lawmakers have begun filing legislation for the 2020 legislative session. Among my pre-filed measures is one I also sponsored during the 2019 session, and is something that needs to be addressed as soon as possible.
Senate Bill 549 relates to Missouri’s low-income housing tax credit. In past years, I have introduced this proposal, but it has failed to gain enough momentum to move through the process. By law, Missouri is required to have a balanced budget, which is of utmost importance to me, as chairman of the Missouri Senate Appropriations Committee. The amount of money that goes toward tax credits in our state grows every year, and is assigned outside of the regular budgeting process. As our state’s needs grow, the amount of money available for necessary services dwindles, which is something I would like to see turn around.
My plan is not to eliminate the low-income housing tax credit; rather, keep it within a reasonable limit, so that it continues to do good things for our citizens. My colleagues in the Legislature and I have negotiated on the exact amounts over the past two years, and we may be able to come to a solid conclusion again this year so that we can get these credits back on good footing and continue to keep housing affordable for some of our most vulnerable citizens.
As always, please feel free to call, email or write with your ideas or concerns. My Capitol office number is (573) 751-1415, my email is firstname.lastname@example.org and my mailing address is Room 332, State Capitol Building, Jefferson City, MO 65101.