The amount of historic preservation tax credits authorized in Missouri has dropped for the fourth consecutive year. The St. Louis Post-Dispatch reports that Missouri only authorized $93.9 million in credits during the 2013 fiscal year. That is about a $5 million decrease from the previous fiscal year.
The historic preservation credit is the most expensive credits in Missouri. In 2009, the program peaked with $212 million authorized. The program gives developers authorized tax credits to lower the cost of refurbishing historic buildings.
Members of a panel created to review Missouri’s tax credits, are leaning towards recommending that the cap on Historic Preservation tax credits be cut nearly in half. The incentives program is popular with developers, but Democratic Governor Jay Nixon and a group of Republican State Senators say it’s draining off revenues from the state budget.
Columbia’s Historic Preservation Commission began accepting nominations for the city’s 2013 list of most notable properties. It will review nominations and select a diverse set of properties that contribute to the city socially or aesthetically. Properties must be at least 50 years old and can be privately or publicly owned.
Many properties have already been added to the list, so this year the committee is thinking outside the box in terms of what might be a notable property.
The Missouri Senate has passed a tax credit measure after hammering out an agreement between GOP leaders and fiscal conservatives who’ve been trying to reign in tax breaks for years.
The agreement would cap historic preservation tax credits at $75 million per year, give a one-year extension to food pantry and other charitable tax breaks, and create incentives to draw amateur sporting events to Missouri. State Senator Eric Schmitt (R, Glendale) urged the chamber to pass it before time runs out on the regular session.