The Missouri Senate has passed legislation (SB 120) that proposes to overhaul some of Missouri’s largest tax credits. The bill would cap the historic preservation tax credit at $50 million annually. At present the cap is at $140 million. The low-income housing credit cap was also lowered from about $190 million to $55 million. The senate, however, could not resist the temptation of creating several new tax credits intended to spur economic development. House Speaker Tim Jones (R-Eureka) indicates he doesn’t want to lower the caps on credits for historic preservation and low-income housing as much as proposed by the senate so a showdown between the two chambers could develop. Fortunately, the benevolent tax credits for pregnancy resource centers and food pantries are being addressed in separate bills (SB 20 and HB 87). These bills are moving smoothly through the legislative process at this time.