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.