HISTORIC PRESERVATION is an ECONOMIC STIMULUS
Any economist will tell you that historic tax credits aren’t just about old buildings. Missouri’s historic program is recognized and envied nationwide for its ability to generate jobs and spur growth across every region in the state.
- JOB CREATION: In fiscal year 2007, the historic preservation credit put over 4,900 Missourians to work – that’s more than double the jobs created over the past four years by the Quality Jobs Act. And, according to the foremost preservation economist in the United States, historic preservation credits have resulted in a total of 40,000 jobs since 1998.
- INDUSTRY – The historic preservation credit program has enabled an entire industry of historic redevelopment to emerge throughout the state. Architects, engineers, consultants, lawyers, contractors, sub-contractors, accountants, and highly skilled construction laborers are employed as a direct result of historic tax credits. These jobs cannot be shipped overseas; they are done right here in Missouri.
- INVESTMENT - More than $4 billion of investment has been leveraged throughout the state by the historic preservation tax credit. In FY2007 alone, amount leveraged totaled $729,637,669. This program, a true economic engine, is exactly what Missouri needs to survive a devastating economic climate.
HISTORIC TAX CREDITS AFFECT the ENTIRE STATE OF MISSOURI
Cities and towns that have utilized historic tax credits include: Arcadia, Boonville, Butler, California, Cape Girardeau, Carthage, Chesterfield, Chillicothe, Clarksville, Columbia, Danville, Excelsior Springs, Farmington, Fayette, Ferguson, Florissant, Fulton, Glasgow, Hannibal, Hartsburg, Hermann, Independence, Jefferson City, Joplin, Kansas City, Kennett, King City, Kirkwood, Lee's Summit, Lexington, Liberty, Louisiana, Manchester, Maplewood, Neosho, Nevada, New Haven, New Melle, North Kansas City, Osceola, Park Hills and Pilot Grove, through Rocheport, St. Charles, St. Joseph, St. Louis, Ste. Genevieve, Sedalia, Springfield, Trenton, University City, Webster Groves, Wellston, West Plains, Weston, Wildwood and Wright City.
- It is important to continue the historic tax credit program without any changes so that the credits may continue to spread to smaller communities throughout the state.
SUNSETTING
A sunset, much like a cap, creates an uncertainty that historic credits will be attainable (particularly in the few years prior to the sunset date). That uncertainty freezes financing for historic projects, which brings development to a complete halt and destroys thousands of state jobs.
ANNUAL APPROPRIATIONS and CAPS
Annual appropriations and caps create uncertainty that historic credits will be attainable (see effects of this under “sunsetting”). Additionally, these types of controls will make obtaining historic credits into a political rewards process, and will destroy the efficient market for credits. A cap at any amount will destroy the historic tax credit program.