Members of a panel created to review Missouri’s tax credits are leaning towards recommending that the cap on Historic Preservation tax credits be cut nearly in half.
The incentives program is popular with developers, but Democratic Governor Jay Nixon and a group of Republican State Senators say it’s draining off revenues from the state budget.
Tom Reeves co-chairs the subcommittee looking into Historic Preservation tax credits. He says he favors much of the recommendation from two years ago to reduce the annual cap from $140 million a year to $75 million a year.
“Our recommendations were really a very thoughtful approach in how to help preserve this credit, make the credit more effective, and also provide some constraint as it relates to the budget, favoring a cap over annual authorizations,” Reeves said.
Reeves plans to recommend the $75 million cap on Historic Preservation at tomorrow’s full meeting of the Tax Credit Review Commission in Columbia.
Follow Marshall Griffin on Twitter: @MarshallGReport