New audit report gives Missouri tax credit poor grade

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by KMOV.com Staff

KMOV.com

Posted on April 10, 2014 at 6:57 PM

(KMOV) -- It cost the state millions of dollars but a new audit says one tax credit is living up to promises.

It’s a program that is supposed to clean up eyesores and get business booming again - but turns out the state did a poor job overseeing a tax credit program that only created a fraction of the jobs that were promised.

That’s all according to a new audit released Thursday from Missouri State Auditor Tom Schweich.  The brownfield remediation tax credit got a poor grade.

Missouri has issued more than $168 million in brownfield tax credits since the start of 2003.

Schweich said of ten projects he reviewed that were financed with the credit, only one created the number of jobs it promised.

Plus, there were issues with over site of the program.

One example at the cleanup of Northwest Plaza, Schweich faulted the state for failing to make sure that the lowest bids were submitted to the state.

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