Real Estate and Construction Newsletter February 2018
Historic Tax Credits Face Reduction in Missouri
Historic Preservation Tax Credits are a vital funding option for many Missouri historic rehab projects, but their future may be in jeopardy. A new Missouri Senate Bill 590 is threatening to cut the amount of annual credits issued in half, which could have huge impacts on historic projects throughout the state.
The Missouri Department of Economic Development can currently approve up to $140 million in Historic Preservation Tax Credits. The Senate’s proposal would lower the annual cap to $70 million, and put measures in place to vet the projects before approving.