The Missouri State Senate recently approved a measure (SB 120) to amend the state’s Historic Preservation Tax Credit (HPTC) program. Beginning FY 2014, SB 120 would modify the program to prohibit the Department of Economic Development (the current administering body) from issuing more than $45 million (currently $140 million) in historic preservation tax credits receiving at least $275,000 in tax credits. Projects which would receive less than $275,000 in tax credits would be subject to a $5 million credit cap. The measure would also prohibit credits from being carried backwards and would only allow HPTCs to be carried forwards two years. SB 120 would also prevent the “stacking” of state Historic Preservation Tax Credits with state 9% Low-Income Housing Tax Credits. The measure was introduced by Missouri State Senator Eric Schmitt (R-District 15) and was sent to the State House of Representatives for consideration.

Click here to read SB 120.