Missouri Coalition for Historic Preservation and Economic Development

“We struck a compromise to protect the historic preservation program for years to come. The $140M cap is high enough to give lenders confidence that deals will go through. Delaying the effective date for the cap until next year will give many developers the time to line up financing and apply before caps take effect. Most important, the exemption I negotiated for smaller projects will ensure that rehabbers go to the front of the tax credit line and will never have to worry about a cap.”

- Senator Jeff Smith

“The Greater St. Louis Labor Council supports legislation that improves the lives of working men and women throughout Missouri by creating employment opportunities,” said the council’s resolution. It urges the Missouri legislature to make no changes in the tax credit program and send the bill to the governor for signature."

Graph prepared by Kathy Sorkin, COO of E.M. Harris Construction from data supplied by clients.

Sponsored by: Senator Lager

Key Cutback Proposals: $100 million cap on historic preservation tax credits; $25,000 limit for residential rehabilitation projects; sunset on historic preservation tax credits for June 30, 2015; supplemental appropriations required for projects which exceed the $100 million cap; $30 million cap on brownfield redevelopment tax credits

Key Proposals: Small projects under $350K in tax credits are exempt from annual cap. No sunset or appropriation language is included at this time.

Cutbacks: $165 million cap on historic preservation tax credits; $60 million cap on brownfield credits

 Read the official summary here. Historic preservation tax credits addressed in Section 253.550.

"Simply put, historic tax credits prime the pump for economic development while at the same time preserving our historic roots in ways that are powerful and beneficial."