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We need your help!
The Historic Tax Credit is under its worst attack since its inception in 1998. We need your support to preserve this effective economic development program. Without your financial support, the Coalition cannot keep its lobbyist and staff coordinator working to protect the Historic Tax Credit. Please give so we can help you and Missouri move forward.
Below is our fundraising letter and donation form in addition to three letters for you to mail to the Missouri Governor, Senate President Pro Tem and Speaker of the House that express your support of Historic Tax Credits. We appreciate your support!
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We need your help!
The Historic Tax Credit is under attack again this year. The Governor has proposed to restructure the program and give complete control to the Director of the Department of Economic Development “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 credits allocation” (How Do We Get There? DED Tax Reform Proposal, Section 3h).
For more information about bills to monitor and how to help, please read on!
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By Coalition Staff
Missouri Lt. Governor Peter Kinder held a press conference this morning in support of Historic Tax Credits in front of the Old Post Office, Downtown St. Louis. Please see this St. Louis Business Journal article below by Lisa Brown, describing the event. Thanks to all those who participated and were able to attend! Click on the link to the article below, where you are encouraged to post comments.
St. Louis Business Journal - by Lisa R. Brown
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by Coalition Staff
Be sure to see the video link of Representative Diehl in the article.
Below is STL Today's recap of Governor Nixon's Capital News Conference surrounded by university and public school officials. Labor and Economic Development groups would also like to meet with the Governor personally to discuss this issue and find an appropriate solution. The coalition does not believe this is an issue that should be framed as Jobs vs. Education. This is particularly true given we are in the worst jobs, housing and financial crisis since the Great Depression. We need leadership that moves our entire state forward.
A MO Growth/Saint Louis University study says the historic tax credit program more than pays for itself.
For those of you who do not know (as we did not) what "moribund" means in Virginia Young's article, Merriam-Webster dictionary defines it as: "being in the state of dying, approaching death; being in a state of inactivity or obsolescence."
Nixon seeks tax credit help from education leaders... STL Post Dispatch
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This pie chart, developed to show where the money goes in a typical development project, was designed from an actual St. Louis LIHTC and Historic tax credit project. It was cost certified by an independent accounting firm. More than 60 professional groups benefit from an average development project.
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Some Facts and Points of Interest
These talking points and letter to the Governor were distributed Friday, April 16th at the Spring Real Estate Forum: Historic Tax Credits panel discussion featuring:
Zack Boyers, Chairman and CEO of US Bancorp Community Development Corporation
Kevin Buchek, President of EM Harris Construction
Andrew Smith, VP and Historic Studio Director of Trivers Associates
Thomas K. Vandiver, Partner of Sonnenschein Nath & Rosenthal LLP
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Contact your legislator and tell him/her that you support Historic Tax Credits. Attached is a list with contact information.
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by the Editorial Board
"Tax credit plan advances dubious policy based on false urgency
But the devil is in the details. The details in Mr. Nixon’s plan make it something less than an exercise in good government.
The most radical change would be to entrust the governor’s political appointees with greatly expanded authority to allocate hundreds of millions of dollars of taxpayer money. The current system in place for the largest tax credit programs allocates money by objective criteria. Under Mr. Nixon’s proposal, the state’s Department of Economic Development, run by gubernatorial appointee would make the decisions."
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by Joseph Cronyn and Evans Paull
Heritage Tax Credits: Maryland’s Own Stimulus to Renovate Buildings for ProductiveUse and Create Jobs, an $8.53 Return on Every State Dollar Invested
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by Lisa R. Brown
Study: Missouri tax credits spurred $2.9 Billion in investment.
A study released this week found that Missouri’s historic tax credit program spurred $2.9 billion in private investment from 2000 to 2009, and either saved or created 43,150 jobs.
The study found that Missouri issued nearly $832 million in historic tax credits from 2000 through 2009.
Missouri has received an estimated $161,974,950 in sales/use tax revenue and $394,802,307 in income taxes from economic activity associated with historic tax credits since 2000, for an estimated total of more than $669.8 million, the study reports
Read more: Study: Missouri tax credits spurred $2.9B in investment - St. Louis Business Journal:
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