St. Louis rethinks incentives, tries ‘tax assurance’ to lure developers

For years, St. Louis has been willing to offer a decade or more of property tax breaks to developers building something new in the city.  Now, it tries to set up deals so there’s at least some new property tax money paid up front when developers put up new buildings or rehab old ones. Those deals still amount to significant discounts on the property taxes that would otherwise be paid on land improvements, generally 75 percent or more. The agency that oversees tax abatement requests, the Land Clearance for Redevelopment Authority, indicated a new approach. Instead of tax abatement, it wanted to offer tax assurance. The first case of assurance appears to be the developers of a 192-room hotel. The project would still pay full property taxes on the value of improvements when it’s completed. But the deal would make it so the property assessment doesn’t rise more than 2 percent during each biennial reassessment. That move gives the developer

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EPA says key ingredient in Monsanto’s Roundup not likely to be carcinogenic

The U.S. Environmental Protection Agency has said that glyphosate, the key ingredient in Monsanto Co.’s top-selling weedkiller Roundup, and used by several other businesses, including Bayer and BASF is not likely to be carcinogenic to humans. The WHO’s International Agency for Research on Cancer, or IARC, wrongfully created concerns about health risks when it said in 2015 that glyphosate was “probably carcinogenic.” Monsanto, which is being acquired by Bayer AG, rejected the conclusion along with groups representing U.S. corn, soy and wheat farmers, and Associated Industries of Missouri citing other reviews that showed the product is safe. “Associated Industries of Missouri has joined other groups in filing suit against Prop 65 in California,” said Ray McCarty, president of Associated Industries of Missouri. “Prop 65 requires companies to label their products as cancer-causing, even if, like glyphosate, they are not,” said McCarty. The EPA’s latest assessment “confirms exactly what we’re saying: that agencies across the world say glyphosate is safe and

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Lt. Gov. Mike Parson praises Trump tax reforms

Lt. Gov. Mike Parson praised the Trump tax reforms that were recently signed into law, stating that the cuts in the law put the good of the people first. He brought up that the nonpartisan Tax Foundation’s macroeconomic model found the tax cuts would ignite GDP growth by as much as 3.9 percent over the long term, increase wages by as much as 3.1 percent, and help create nearly 1 million new American jobs. In addition, he pointed out how the new globally competitive permanent tax rate would be a boon to both workers and businesses. READ MORE HERE

Missouri State Treasurer positioning himself as biggest tax cut proponent

Missouri’s State Treasurer is making a mark as a leading champion of tax cuts. Republican Eric Schmitt of Glendale distinguished himself in the state legislature during the 2014 session when he authored a measure that lowers income taxes starting in 2018. Last week, he sent an open letter to Missouri lawmakers asking them to not to change current law that binds the state standard tax deduction to its federal counterpart. “We have a growth issue in this state,” Schmitt said in July.  “It’s my personal belief, and the belief, I think, of a lot of folks out there that we’re going to grow jobs by lowering the tax burden on working families.  And lowering the tax burden on small businesses so that they have more of their own money.” READ MORE HERE

President Trump signs historic tax cut into law

December 22, 2017 – President Donald Trump has signed an historic tax cut bill into law, following through on a promise he made when he appeared in St. Charles, MO, to deliver a tax cut as a “Christmas gift” to American taxpayers. By the way, he did explain that it wasn’t really a “gift” because it simply allows taxpayers, including business taxpayers, to spend more of their own money rather than allowing the government to collect and spend it for them. Since the announcement of the tax bill passing Congress yesterday, at least two of the largest Missouri businesses, AT&T and Boeing, have announced plans to make major investments and expenditures. “This was a hard fought victory for the American taxpayer,” said Ray McCarty, president and CEO of Associated Industries of Missouri. “We believe this tax cut will spur investment, allow all businesses to benefit through rate reductions and a business income deduction, and allow more businesses to keep their

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