Missouri Historic Tax Credit Program Faces Potential Reduction
The Missouri Historic Preservation Tax Credit is offered to revitalize communities throughout the state by incentivizing developers to maintain the integrity of historic buildings. A significant amount of money can be recuperated from costs associated with restoring or renovating qualified property – up to 25%. There are usually annual legislative efforts to reduce or eliminate the credit, and a new Missouri Senate Bill No. 6 was introduced January 18, 2017 in the Missouri state Senate to again reduce the cap. The new legislation would lower the current limit by $20 million to $120 million for the fiscal year beginning July 1, 2017. The bill also proposes a fee of up to 1% of the tax credit for a new Capitol Complex Tax Credit Act.
Learn more about the Missouri Historic Tax Credit.
We will release updates on legislation as they develop. Contact an Anders advisor to learn if your project is eligible for the Missouri Historic Tax Credit.