Governor's Plan Brings Millions of Dollars in Tax Breaks to Developers
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Governor's Plan Brings Millions of Dollars in Tax Breaks to Developers

Date: August 30, 2007
By: Carly Robertson
State Capitol Bureau

Intro:   The Missouri House passed Governor Blunt's Economic Development Plan Thursday, which will award millions of dollars in tax breaks for land re-development.

Carly Robertson has more from the Capitol:

The bill creates a tax credit equal to 50% of the costs associated with buying the land.

Proponents of the bill say it will encourage developers to come into cities and re-develop downtrodden areas.

Republican Rod Jetton is the Speaker of the House.

He says this bill could boost the economy of the state's largest city.

Actuality:  JETTON2.WAV
Run Time: 00:13
Description: "I think what land assemblage has the potential to do to  St. Louis City, a place that we all know we spend lots and lots and lots of state funds, it could turn that from a place money on to a place that's actually producing revenue for the state." 
 
Detractors of the bill say that it is unfair to people in other parts of the State.
 
The Governor has promised to sign the bill, and it will take effect as soon as he does. 
 
From the Capitol, I'm Carly Robertson.