Votes to slash Missouri's historic tax credits fail in subcommittee

Intro:	Two votes to slash Missouri's historic tax credits, which St. Louis had opposed, failed Tuesday. Theo Keith has more from Jefferson City.
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Wrap: A group that was supposed to make recommendations to the state's Tax Credit Review Commission will do no such thing.

It voted against $50 million, then $40 million in cuts to tax breaks for restoring historic buildings.

Member Tom Reeves was left to explain, saying there was at least "lively discussion."

Not all of that discussion was positive.

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Description: "We're being asked to vote on something, Tom, that we've not discussed at all."

Reeves defended that, saying time is running out for making recommendations.

Historic St. Louis buildings see millions from the program.

The St. Louis economic development director voted against the proposed cuts.

From Jefferson City, I'm Theo Keith, NewsRadio 1120 KMOX.

Intro:	Mayor Francis Slay's assistant says the city can't afford deep cuts to Missouri's historic tax credit program. Theo Keith has more from Jefferson City.
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Wrap: The state's Tax Credit Review Commission didn't recommend any cuts to incentives to fix up old buildings.

There's been strong opposition to those cuts coming from St. Louis city leaders.

Mayor Slay's assistant, Jeff Rainford, says the tax credits are a big boost to a city coming back from decades of decline.

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Description: "We can't just willy-nilly agree to deep cuts in it. We agreed to a reduction last year and thought that would be the end of it."

Rainford says Slay is open to compromise, saying something needs to give in tough budget times.

Gov. Nixon wants the recommendations by Thanksgiving.

From the state Capitol, I'm Theo Keith, NewsRadio 1120 KMOX.

Intro:	A Missouri group voted down recommending cuts to the state's tax breaks used to fix up historic buildings. Theo Keith has more from Jefferson City.
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Wrap: After a state subcommittee voted down recommendations, Missouri's Tax Credit Review Board will have to make the call.

Developers say they need the credits as incentives to fix up old buildings like the vacant Arcade Building in downtown St. Louis.

St. Louis' economic development director voted against making a recommendation to cut the tax breaks.

Subcommittee member Tom Reeves says everyone has to move quickly.

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Description: "The clock's running out based on the deadline that the governor set forth, which is to have a report on his desk by Thanksgiving."

Maybe too quickly for some subcommittee members who voted against the cuts after complaining they were being rushed.

From Jefferson City, I'm Theo Keith, NewsRadio 1120 KMOX.