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Mo. Senate endorses tax incentive overhaul

state capitol
Ryan Famuliner
A Missouri Senate committee is considering legislation that would make CPR training mandatory for high school graduates, beginning in the fall of 2014.

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.

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