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Tax credit elimination may hurt Missouri business attraction

Debate continues around the state on the effectiveness of Governor Holden's plans to ease the budget crunch. Chris DuPree has more from Jefferson City.

Governor Holden is looking to reduce tax credit for businesses in order to put those funds towards balancing the budget.

But Ray McCarty, Fiscal Affairs Director of the Missouri Chamber of Commerce, senses the plan may not have as positive an impact as Gov. Holden is hoping for.

McCarty says businesses who hold tax credits have a high impact in the state economy.

McCarty says eliminating the tax credit would put Missouri at a disadvantage nationally as tax credits are a major attraction for new businesses to come and for current business to stay in Missouri.

McCarty is part of a panel gathered by House Minority leader Catharine Hanaway to examine to efficiency of budget spending with a goal of recommending to the legislature some other approaches of budgeting.

The elimination of business tax credit is a possible scenario for Governor Holden's plans to cut 323.4 million dollars from this year's budget.

Chris DuPree, KMOX Radio, Jefferson City.