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OFFICIAL Summary as of April 1, 2009
Sponsored by: Senator Lager
Key Cutback Proposals: Annual allocations (p.11); $75 million annual cap on historic preservation tax credit (p.11); $25,000 limit for residential rehabilitation (p.11); sunset on historic preservation for June 30, 2010 (p.11); elimination of rebuilding communities tax credit (p.7); $20 million cap and other restrictions on brownfield redevelopment tax credits (p.13)
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The historic tax credit program "add[s] to the tax rolls and strengthen[s] the fabric of neighborhoods."
Some Missouri lawmakers are trying to gut the state’s Historic Preservation Tax Credit program, a blow that would cripple a vital economic engine around the state, but particularly in the city of St. Louis.
A group led by Sen. Brad Lager, R-Savannah, is holding Gov. Jay Nixon’s economic stimulus bill hostage, demanding as ransom the radical reordering of a long list of state tax credit subsidies.
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By David A. Lieb/The Associated Press
"The group that is out there stealing from us is the historic preservation tax credits, and I'm coming,"
Sen. Brad Lager, R-Maryville, said on Thursday while declaring his desire to place restrictions on the program.
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Requires mandatory review and sunset of certain tax credit programs
Senate Bill 142
Requires mandatory review and sunset of certain tax credit programs
Sponsored by: Senator Bartle
Current Bill Summary
Under current law, the sunset act terminates new programs six years after their effective date unless the program is reauthorized. If the program is reauthorized, the program will terminate twelve years from the date of reauthorization. This act modifies the sunset act to terminate new programs three years from their effective date and, if reauthorized, programs will terminate three years from the date of reauthorization. This act requires the Joint Committee on Tax Policy to review all state tax credit programs which are not currently subject to a sunset. The joint committee is required to report its findings to the General Assembly. Effective December 31, 2013, no tax credits, authorized under programs which are not subject to a sunset, may be issued unless the general assembly adopts a concurrent resolution approving and re-authorizing such tax credit program after it has been reviewed by the joint committee, or a general law is enacted modifying provisions of such tax credit program. Any tax credit program re-authorized in accordance with this act will be deemed a new program and thus subject to the sunset act's three year sunset provision.
This act is similar to Senate Bill 735 (2008).
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Institutes a two-year moratorium on all state tax credits
Senate Bill 121
Institutes a two-year moratorium on all state tax credits
Sponsored by: Senator Purgason
Current Bill Summary
This act prohibits the issuance or redemption of any tax credit, now or hereafter authorized under Missouri law, from August 28, 2009, to August 28, 2011
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