Advocates Issue Historic Tax Credit ‘Call to Action’

By on May 2, 2017

Historic Revitalization for Missouri (HRM), an advocacy group, issued a “call to action” regarding proposed action by Missouri Gov. Eric Greitens to  reduce or eliminate state tax credits as a way to balance corporate income tax shortfalls.

“Missouri’s Historic Tax Credit program is under serious threat,” Clark S. Davis, FAIA, principal consultant with Cameron McAllister Group  and a member of the HRM board, rote in an email to  Davis, former vice chair of HOK, urged industry members to reach out to contacts in state government. “The Governor’s tax credit review commission will accept public comments for another week; they plan hearings in smaller communities (none in St. Louis or Kansas City) but haven’t yet announced the dates.  It’s critical that people who appreciate the success of the HTC program express their views,” Davis wrote.

The position paper/call to action issued by HRM stated, in part:

“The Missouri State Historic Tax Credit has been the most successful economic development program in the state’s history, yielding $8.2 billion in direct investment and 43,000 jobs, as documented by the Missouri Growth Association.  The HTC has preserved our heritage and enabled revitalization in more than 70 Missouri communities, large and small, in every part of the state.

“The Historic Tax Credit has been applied in areas that most need it: more than 70% of eligible projects are in rural and urban distressed areas.  Vacant or underutilized buildings, many with great historic value, have become desirable living, working, and commercial spaces attracting talented people and bringing new life to our main streets.  These properties generate jobs, increased tourism, and long-term real estate and property taxes for their communities.  It returns $2 for every dollar invested by the state.

“The state incurs no up-front cost.  A historic tax credit is issued only after four times the amount of the credit is invested and a completed project receives an occupancy permit. “

Click here to download the complete HRM document, including a list of contacts in Missouri state government.

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