Missouri Tax Credit News
The Missouri Governor is back in action - September 10, 2010
Missouri Governor Jay Nixon's Tax Credit Review Commission (TCRC) has begun it review of Missouri's tax credit programs. The full TCRC meeting was held September 8, 2010 to debrief the Commission members on all of the tax credit programs. There are several smaller regional meetings to be scheduled throughout the State, at which time public testimony will be taken
The Missouri State Historic Tax Credit program is under scrutiny by the commission. It is critically important at each of these public hearings for commission members to understand the great benefit to the state of the historic tax credit and that it is a false to say that education is hurt by the credit. Property tax revenues increase, meaning local funds for education increase, when buildings are brought back to life.
The Missouri Coalition for Historic Preservation & Economic Development is urging its members to attend the upcoming regional TCRC meetings to let the commission know that making more cuts to the existing Missouri Historic Tax Credit Program will only reduce state revenues and kill more jobs, and that surrounding states are increasing their historic tax credit caps to create jobs.
If you cannot attend, we urge you to send each commission member an e-mail with your views and your own experience. The list of Commission members is enclosed.
The Missouri Historic Tax Credit (HTC) program has been proven to provide an economic return to the state by:
? Creating Jobs - Over 43,000 jobs over the life of the program,
? Stimulates Private Investment - every $1 spent in Credits results in over $3 in private investment,
? All of Missouri benefits from HTC's - it has been used in small towns and main street communities as well as larger cities,
? HTC's generate revenue for the state,
o Four times the amount of credit must be spent before any credit is issued. Because credits are paid at the end of a project, Missouri receives revenue from sales taxes and payroll taxes before credits are issued.
? The HTCis the only tax credit program to have been severely cut last year. There is now in place a 25% reduction from last year's use by the cap imposed last year.
Please come out and help us show the Commission that the Missouri HTC program is working and is the model other states are using. Hurting the HTC program would only hurt Missouri's future.
Updated information regarding the Tax Credit Review Commission schedule can be found on their web site, http://TCRC.Mo.Gov.
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