JEFFERSON CITY, Mo. — The Missouri House Conservative Caucus today announced its support for common-sense reforms that will improve the accountability and transparency of the Low Income Housing Tax Credit Program. The reforms were added to SB 28 Wednesday evening by the House General Laws Committee.
The version of SB 28 sent to the House by the Senate simply placed a cap on the state-issued tax credits for low-income housing, allowing the suspended program to be reinstated. The reforms that were added to the bill in committee and that are supported by the Conservative Caucus would:
- Add a hard cap of $123 million or 72.5 percent of the federal program on the amount of tax credits authorized annually;
- Create a scoring rubric to evaluate the merits of project submissions and improve transparency; and
- Allow for the transferability of credits by implementing a certificated credit model.
“The changes adopted by the General Laws Committee are meaningful reforms that ensure this program operates in an efficient, transparent, and accountable way that provides more housing for those in need at a lower price for taxpayers,” said Conservative Caucus Co-Chairman Jered Taylor, R-Nixa.
“We are encouraged by the bipartisan support of the General Laws committee to enact reasonable reforms that expand upon the work the Senate did. It is our duty to keep a watchful eye on the taxpayer’s dollar to ensure programs such as low income housing serve as a hand up to Missourians when they need it most,” said Conservative Caucus Co-Chairman Justin Hill, R-Lake Saint Louis.
The Conservative Caucus is a 40-member Republican Caucus in the Missouri House formed to support limited government and protect the rights of all Missourians.