New Missouri Law Tightens Historic Credit
By Caitlin Jones
1 min read
Tax Credit Advisor, September 2009: Recent legislation signed by Missouri Gov. Jay Nixon scales back the state’s historic preservation tax credit, the victim of a budget squeeze.
Changes made by the law, effective 1/1/10, impose a cap of $140 million on the annual amount of state historic tax credits that can be approved. Exempted from the cap, though, are small projects with qualified rehab expenses of less than $1.1 million.
During the first nine month’s of Fiscal Year 2009, Missouri redeemed more than $157 million in state historic credits.
Rehab projects involving commercial buildings qualify for a 25% state historic credit in Missouri.
The law also raises from $11 million to $25 million the credit cap for the state’s new markets tax credit program.
