Missouri Tax Credit News
Missouri Joint Committee on Tax Policy - October 20, 2009
A lot of us in the Missouri tax credit community thought that the legislation enacted last year capping the Missouri historic tax credits at $140 million per fiscal year would give us some certainty in planning for historic tax credit projects in Missouri. Unfortunately, this does not appear to be the case.
Today I testified before the Missouri Joint Committee on Tax Policy. To open the hearing, Senator Crowell gave a 45 minute presentation explaining why Missouri tax credits need to be a part of the appropriations process. His presentation was logical and made sense. However, several of us active in working with Missouri tax credits explained the onerous position such a process would impose upon developers. The majority of us felt that the appropriations process would add another element of uncertainty to the process and the additional risk would make financing less available and would eliminate all but the well capitalized from the process.
Please keep writing your elected representative to let them know that Missouri tax credits cannot function well when subjected to the appropriations process.
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