MO HB1450

Repeals and replaces section 33.282 regarding tax expenditure budget procedures and tax credit approval requirements.

Requires the Office of Administration to develop an annual tax expenditure budget showing revenue reductions from deductions, exemptions, credits, and other tax preferences, submitted with the state budget.

Mandates periodic cost-benefit analyses of 11 specified tax programs including the neighborhood assistance program, tax increment financing, enterprise zones, and main street program.

Changes tax credit approval requirement from review by the senate appropriations committee and house budget committee to approval by a constitutional majority in both houses of the general assembly.

Exempts the senior citizens property tax credit from the new approval requirement and continues existing reporting deadlines for department estimates and analyses.