A bill introduced in Missouri’s state Senate threatens to drastically reduce the annual cap on the state’s historic tax credit program. S.B 285 reduces a number of tax credit programs, including the historic tax credit, in order to lower the corporate tax rate. If passed, the bill would lower the annual cap on the historic preservation tax credit from $140 million to $50 million. This would drastically reduce the number of properties that receive the tax credit and puts more historic properties from across the state at risk of demolition.
S.B 285 was introduced by Senate Republican Andrew Koenig and has the support of Americans for Prosperity, a conservative think tank. The proposal just passed the Senate Ways and Means Committee and can now be placed on the Senate calendar for consideration. Missouri Governor Eric Greitens often criticizes tax credit programs, including the Historic Tax Credit, and recently called for a committee to review tax credit programs.
Organizations like Missouri Preservation and the Historic Alliance for Missouri are working to protect the state’s historic tax credit program. Check out the latest post to find out how you can help!
