Mo. Housing Tax Credit Program 'Inefficient,' Auditor Says

Law360, New York (March 10, 2014, 4:44 PM EDT) -- Missouri's low-income housing tax credit program has authorized $842 million more than what was projected over the years, but its return is a small 8 cents in state revenue for every dollar spent, causing a state auditor to call the scheme “inefficient” in a report issued Monday.

Missouri's program is the state's largest tax credit program and has the most state funding amongst the 10 states that run similar programs, but state auditor Thomas Schweich says the program's effectiveness is likely overstated since the state's investment...
To view the full article, register now.