U.S. Markets close in 3 hrs 4 mins

Mo. Senate panel holds hearing on tax credits

JEFFERSON CITY, Mo. (AP) -- A Missouri Senate committee has conducted a review of the state's numerous tax credit programs and their impact on the state budget.

The Senate Appropriations Committee looked at the economic performance and cost of the tax credits Monday before starting work on Gov. Jay Nixon's proposed budget for the 2014 fiscal year.

The 61 tax credit programs currently offered by Missouri are expected to take up $685 million of the state's revenue for the current fiscal year.

The review comes as senators are working on a broad tax credit package that would reduce state expenditures on tax breaks. Committee members are warning that benefits from such reform would not be seen until years down the road because tax credits have already been issued for current projects.