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Historic Tax Credit Program Recommendations - Nov 17th Meeting
The Governor’s Tax Credit Review Commission (TCRC) reviewed the final Historic Tax Credit Sub-Committee’s report November 17th. The Historic Tax Credit Sub-Committee recommended keeping the $140 Million dollar cap in place as a change in cap will not have a direct impact and will not have an immediate effect on the state’s budget.
It had been determined overwhelmingly that uninhibited market forces determines the level of redevelopment that takes place in our urban cores and the level of HTC’s will rise and fall as a result.
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Hearing Wrap Up
The final Tax Credit Review Commission (TCRC) meeting was held yesterday in Columbia, MO. The Coalition attended each meeting and heard testimony regarding the Historic Tax Credit program from many Missourians. Their comments were overwhelmingly in favor and very positive about the program’s successes.
The TCRC has indicated there will be suggested changes to all 61 Tax Credit programs made in the TCRC report. The report will be submitted to the Governor around Thanksgiving.
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For immediate release, please see this press release from the Coalition for Historic Preservation & Economic Development:
"Governor Nixon's tax credit commmission criticized as lacking enough representation of people who know economic benefits of Historic Tax Credits."
Released on July 22, 2010.
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Please see this Executive Summary for a 2010 study on Historic Tax Credits, "An Evaluation of the Missouri Historic Preservation Tax Credit Program's Impact on Job Creation and Economic Activity Across the State." The study was prepared for the Missouri Growth Association and conducted by St. Louis University.
The study shows the economic impact that state historic tax credits have had in Missouri.
A link to the full Study can be found by clicking here.
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