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Missouri Tax Credit News

Missouri tax credits and the Legislature - February 12, 2010

On February 11, 2010, I attended a reception for the House Republican Campaign Committee. The HRCC and their guests have been ardent supporters of the Missouri State Historic Tax Credit and are our strongest allies in the fight against those who would once again like to appropriate the Missouri historic tax credit and ultimately abolish it altogether.

Speaker Tilley confirmed what most of us thought in his remarks. Subjecting the Missouri Historic tax credit to appropriations is political speak for killing it. Taking this position allows our enemies to say that they support the Missouri historic tax credit and are in favor of the related economic development, but allows them to bring the actual credit amount down to zero. Also, the uncertainty surrounding this process will also make it nearly impossible for developers to get needed tax credit bridge loans. From a voter perspective, it is easier for politicians to say that they controlled something that only helps a small group of people (not true), than it is to cut services, raise taxes or oppose a jobs bill.

To make matters worse, the Missouri low income housing tax credit is also under attack. MHDC is in turmoil with the recent resignation of its top staff members. The tax credit committee engaged consultants and developed a certificating process that is economically flawed. Fortunately, they are going back to the drawing board and have agreed to include some syndicator representation to assure that the process makes business sense.

Those of us active in the coalition supported the legislation that passed last year. Although we did not care for a cap on Missouri Historic tax credits, we accepted one with the understanding that Missouri historic tax credits would be left alone for at least a few years. This appropriations angle is not consistent with that understanding.

Please actively support the Missouri Historic tax credit coalition when asked.

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