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Audit cites poor oversight of tax credits
Posted: 09.08.2010 at 2:52 PM
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JEFFERSON CITY, Mo. (AP) -- A new state audit chastises Missouri officials for poor oversight and inflated financial benefits on a pair of business tax credits.
Wednesday's report from Auditor Susan Montee came on the same day a commission appointed by Gov. Jay Nixon began a review of Missouri's tax credit programs.
Nixon gave the group until Thanksgiving to complete an analysis of which tax breaks create jobs, spur economic development and improve communities.
The audit focused on two versions of Missouri's enterprise zone program, which provides tax breaks to businesses that locate or expand in certain areas.
It said the Department of Economic Development has not adequately verified data or monitored the businesses. It also said the agency overstated some economic benefits in reports to lawmakers.