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Missouri lawmakers OK historic tax credit cut

Missouri lawmakers OK historic tax credit cut

May 18th, 2018 by Associated Press in Missouri News

Missouri lawmakers have passed a bill to cut available tax credits for renovating historic buildings.

House members voted 113-29 Friday to reduce the current $140 million annual cap to a maximum of $90 million. It would allow the Department of Economic Development to authorize up to $30 million more for projects in high-poverty areas if the initial $90 million is doled out.

The amount authorized for historic tax credits has been a controversial issue in the Legislature for the past decade. Some say the tax credits have diverted money away from other government services, while supporters say the tax credits have helped revitalize numerous communities.

Last year, the state authorized $154 million in historic tax credits. That exceeded the current cap because state law doesn't include smaller projects in the limit.

Historic tax credit bill is SB 590 .