|
INTRODUCED Full Bill Text as of March 30, 2010
Key Proposals: The Governor’s Tax Credit Reform Proposal, HB 2399 will create new statutes for 6 programs “with discretion on the amount to award; whether to award any amount at all; and, whether to award any or all of a particular year’s credit allocation” (Section 3(h) of How Do We Get There? DED Tax Reform Proposal). There is no reference in the DED and HB 2399 proposal to Historic standards and the Historic Designation. The proposal has been mistakenly framed as a measure that will reduce the state’s budget deficit, when in reality the Historic Tax Credit is a rebate program that will have no impact on the budget deficit for 1-3 years. The DED Director acknowledged that cuts in the tax credits would “have no impact on Fiscal years 2010 and 2011” in hearings on House Bill 2399. New responsibilities granted to the Department of Economic Development including annual allocation plan for state tax credits; Annual appropriation for tax credits to be made by general assembly
|
|
|
|
Prefiled December 1, 2009
SB890, introduced by Senator Jason Crowell would place a one year moratorium on the authorization of Low Income Housing Tax Credits which generate crucial jobs and economic development for Missouri. It is frequently used in conjunction with the Missouri Historic Tax Credit to leverage bank financing for housing construction projects. This program is tied to the Federal Low Income Housing Tax Credit and Missouri provides a 100% match for the Federal credit doubling state’s investment in stimulating our economy. Every dollar invested in the state’s Low Income Housing Tax Credits generates $9.60 in economic activity in Missouri. * Between 2000 and 2005 the Missouri Low Income Housing Tax Credit generated 21,250 units of affordable housing and 41,800 full time jobs* for construction workers, architects, appraisers, accountants, attorneys, contractors and property managers. * Cost/Benefit Analysis of the Missouri Low-Income HousingTax Credit Program (2007) Developed by BDK LLP and Missouri State University for the Missouri Economic Development Commission
|
|
|
|
Prefiled December 1, 2009
Senator Matt Bartle has introduced (SB 584) requiring mandatory review and sunset of certain tax credits. This bill was heard by the Senate Government Accountability and Fiscal Oversight Committee. Tax credits covered by this bill including the Missouri Historic Tax Credit would expire on December 31, 2014. Under (SB 584), most tax credits would be on a 3 year time table for re-authorization. The current requirement for re-authorization is after 6 years. Read More...
|
|
|
|
First Read Feb 4, 2010
A bill introduced by Senator Crowell (SB 890) was heard on 2/17/2010 by the Senate Jobs, Economic Development and Local Government Committee. This proposed act places a moratorium on Low Income Housing Tax Credits and Missouri Development Finance Bonds. These credits are often used in conjunction with Historic Tax Credits to make rehab projects viable.
|
|
|
|
Pre-filed January 4, 2010
Senator Jason Crowell has introduced SB 728 which subjects 40 Missouri Tax Credits to the yearly appropriations process. These tax credits would expire on June 30, 2011 unless they are allocated by the legislators through the appropriations process. SB728 was not voted out of committee although Senator Crowell and supporters have indicated they intend to try and attach the language in SB728 onto other bills.
|
|
|
|