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HISTORIC |
On Wednesday February 27th, 2013 the state senate passed SB120 which proposes to dramatically reduce the cap on the Historic Tax Credit from $140 million (which is the reduction that has been in place for the past three years) to $45 million. The Historic Tax Credit has produced over 43,000 jobs since its inception (more than any other economic development plan in the state's history), $7 billion in investments, and returns $1.50 to state and local coffers for every dollar issued (net benefit). Clearly this issue is about more than old buildings. The Historic Tax Credit is responsible for critical redevelopment in historic downtowns (St. Charles is a glimmering example) and residential neighborhoods. The cap that is currently proposed would devastate Missouri communities because it will remove certainty that developers and homeowners can count on the tax credit as an critical part of the projects' funding. Developers have been vocal that without this credit they cannot make the numbers work, and will walk away from redevelopment projects. Even under the threat of this reduction some developers are halting their existing projects. This is why I'm asking you for your support of the Missouri Historic Tax Credit. If this program is reduced it means an enormous loss to historic rehabilitation opportunities, and in turn, a loss in jobs and a loss in key economic developments for heritage tourism, small businesses, and local governments. Contact your state legislators NOW urging them not to reduce the cap in Missouri's Historic Tax Credit. Here is a way that people can find their legislators: http://www.senate.mo.gov/LegisLookup/Leg_Lookup.aspx/leg_lookup.aspx and it will also make a big difference if they contact these key legislators: http://mohistorictaxcredit.wordpress.com/resources/key-legislators/ Other key points in regards to the Missouri Historic Tax Credit: · Speak to developers in your community who have used the HTC. They will almost assuredly state that their projects would not have been realized without the use of the Historic Tax Credit. It would be great for developers to speak up to their legislators and illustrate this fact. · Other less successful programs can be cut instead of attacking the Historic Tax Credit, which studies have shown is Missouri's best economic development tool. There is no economic justification to reduce the cap on the Missouri Historic Tax Credit. This program has created more jobs in Missouri than any other program, ever. · Citizens from every corner of Missouri need to call, email, and visit their legislators and demand that there not be a reduction in the cap on the Historic Tax Credit. Without widespread grassroots support we will almost certainly lose the Historic Tax Credit and forfeit all the exceptional benefits that it holds for Missourians far and wide. |