MNH - Photo by Kyle Quick
The sports tax credit would entice Missouri venues to be more active in hosting events such as NCAA basketball.
JEFFERSON CITY, Mo. — They’re supposed to be cutting tax credit programs in the state legislature...not creating new ones. But the Missouri Senate has given first round approval to a new tax credit program designed to lure large scale amateur athletic events to Missouri.
The legislation, pushed by State Sen. Eric Schmitt, would offer tax credits to event organizers based on the number of tickets an event organizer sells.
Sen. Brad Lager, a critic of tax credit programs, pushed an amendment that would place a cap on the amount of tax credits an organizer could receive.
“They have to come back to the legislature for review, or in this case, an increase of their cap,” he said. “It ensures accountability, and it also leaves the opportunity for programs to be tweaked as we move forward.”
He added, “the real crux of our tax credit crisis lies in a handful of other credits that we are going to have to work through as we move forward.”
The current form of the bill would give a five dollar per ticket sold tax credit to the organizing committee that brings in the event. The bill is aimed at helping cities attract NCAA-type tournaments.