Jefferson City, MO— As required by Executive Order 17-07, the Governor’s Committee on Simple, Fair and Low Taxes today submitted its report to Governor Eric Greitens. The 32-page report highlights the Committee’s process and recommendations.
Most of the immediate recommendations focus on Missouri’s tax credit programs. As highlighted in the report, many years of study by previous committees and state auditors have shown that some of those programs are inefficient. The committee focused on the three largest programs which make up more than half of the state’s spending on tax credits.
“Today, the committee releases the report that we believe meets the Governor's call to address Missouri's serious budgetary issues as well as sets a strong foundation to ensure government is a good steward of your tax dollars,” said Joel Walters, Chairman of the Committee on Simple, Fair and Low Taxes and Director of the Department of Revenue. “After listening to Missouri families and businesses across the state, we believe these proposed changes to the state’s tax credit programs will better align to meet the needs of the business community while instilling a higher level of accountability.”
A video statement from Chairman Walters can be found at https://www.youtube.com/watch?v=tTe0lLee3iI.
The Committee believes that its recommendations to overhaul these programs are fiscally responsible and revenue neutral, further laying the foundation to make Missouri’s overall tax policy “Best-in-Class.” The call for reform includes reducing excessive spending on tax credits, adding transparency and efficiency to existing programs, and increasing legislative and executive oversight to prevent waste, fraud and abuse.
“Many tax credits provide either an economic or social good to the state,” said Walters. “But, it is in the best interests of all taxpayers when the state makes sure that the desired result is achieved in the most fiscally responsible way possible. Our recommendations will do that.”
Over the last three months the Committee held weekly meetings in Jefferson City, hearing from over 20 tax experts from a variety of organizations. The Committee also held four town halls in Maryville, Hannibal, Cape Girardeau and Springfield where more than 150 local residents and businesses weighed in, and received more than 150 written comments.