Jefferson City, MO – Following the release of the audit of Missouri’s tax credit programs by the Office of Missouri State Auditor Nicole Galloway, Americans for Prosperity-Missouri criticized the programs and urged the legislature to address its overlooked burden on the state. Galloway’s study found some of the tax credits create inefficiencies, which “result in a low return on the state’s investment,” and “significant tax credit liabilities to the state” totaling approximately $3 billion according to data from the Department of Economic Development (DED). Ultimately, the program found 73 percent of the credits redeemed were for programs that costed the state more than it’s economic benefit.
Nicole Galloway, a registered Democrat, was appointed State Auditor by Governor Jay Nixon in 2015.
You can view the report here.
State Director Jeremy Cady issued the following statement:
“The findings of inefficiencies and the billions of dollars in liabilities to the state in this report are very troubling. We were sold the idea these tax credits were meant to spur economic growth however this report proves otherwise. This report clearly outlines our tax credit program is inefficient and an increasing burden on Missouri taxpayers. We urge the legislature to address this continued problem during the next legislative session.
“We thank the Missouri State Auditor Nicole Galloway for her hard work compiling this report.”