Missouri Tax Credit News
Missouri tax credits article in STL PD November 14, 2010 - November 15, 2010
It is always nice to be recognized in the Missouri tax credit industry! Below is an excerpt from a recent article in the St. Louis Post-Dispatch.
Players in the tax incentive game
By Tim Logan > St. Louis Post-Dispatch www.STLtoday.com | No Comments Posted | Posted: Sunday, November 14, 2010 12:00 am
Have some credits you want to turn into cash? Have a big tax bill you want to whittle down? Meet Art Weiss.
Weiss is president of Lisart Capital, in Chesterfield, and is one of 15 or 20 people around Missouri who specialize in the business of swapping tax credits. Accountants and bankers by trade, most of these brokers buy credits from developers and banks for cash, then sell them to wealthy individuals with a big tax bill to pay down. For every dollar's worth of credit sold, the broker makes a few pennies, and the end buyer knocks a few cents off their taxes.
In this business, Weiss said, timing is everything. After all, real estate deals don't always close just before tax day on April 15.
Sometimes, he said, he has more tax credits than he can sell. "Then around tax season, there are people calling around in a panic, looking to buy."
Posted in Business, Metro on Sunday, November 14, 2010 12:00 am Updated: 11:44 am. | Tags: Can St. Louis Compete?, Economy, Retails, Job, Tax Credits, Tax Increment Financing, Banks, Consultants, Brokers,
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