Though they would be available, this Bill would make Historic Tax Credits practically useless. If the corporate income tax is eliminated, the market for such tax credits would virtually disappear. Once again, vital tax credit programs face a legislative threat created in the guise of fiscal responsibility and economic efficiency. Representative Stevenson has requested that the Joint Committee on Tax Reform study the Bill as part of its review and potential curtailment of tax credit programs. It is notable that the Joint Committee on Tax Reform is chaired by Senator Brad Lager (R-12th District) who attempted to sunset all state tax credit programs by 2011 with Senate Bill 86 last session. The Coalition was instrumental in preventing passage of this legislation.
Action is needed to prevent adoption of this current legislative threat. If you are concerned about the continued viability of successful programs like those for the Historic and Rebuilding Communities Tax Credit, please contact your state senator and ask your friends and professional associates to do the same. Remember, when federal tax credits were taken away in 1986, there was a 90% drop in the volume of historic renovation and the investment and job creation it brings. As in previous years, we have to fight to preserve these programs. We need the help of the professional development community and concerned citizens throughout Missouri to do that.
Please contact these legislators and let them know you oppose measures that will gut the Historic Tax Credit in Missouri:
Senator Michael Gibbons, President Pro Tem, State Capitol Building, (Rm. 326) Jefferson City, Mo., 65101 (573) 751-2853.
Representative Rod Jetton, Speaker of the House, Mo. House of Representatives, 201 W. Capitol Avenue, (Rm. 308) Jefferson City, Mo. 65101 (573) 751-5912