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.
A composite image from an engineering report by ABS Consulting shows the partial collapse of the timber supports for the east wall of Cupples 7. A judge on June 28 denied a demolition permit for the structure.
The Missouri Senate has passed a tax credit measure after hammering out an agreement between GOP leaders and fiscal conservatives who’ve been trying to reign in tax breaks for years.
The agreement would cap historic preservation tax credits at $75 million per year, give a one-year extension to food pantry and other charitable tax breaks, and create incentives to draw amateur sporting events to Missouri. State Senator Eric Schmitt (R, Glendale) urged the chamber to pass it before time runs out on the regular session.