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Why Capping the Historic Preservation
Would you take $1.50 for a $1.00? Thatís exactly what the Missouri Historic Tax Credit does.
The cost of credits in FY2000 was $20 million (according to Department of Economic
Development figures). The direct increase in state and local taxes for that same year was
$30 million (according to a Department of Economic Development-sponsored study).
The credits generated, in direct dollars, 1 ½ times their cost. Capping the credit would
increase the deficit and create an even bigger budget crisis. DED says the state benefit is
$1.78 per $1.00 of credit.
Missouriís economy by over $1 billion each year (according to a 2001 study conducted
by Rutgers University).
o $332 million in gross state product
o $292 million in in-state wealth
o $70 million in taxes, $30 million of that in state and local taxes, and
o 8,060 jobs.
tourism spending, creating:
o $574 million in gross state product
o $506 million in in-state wealth
o $147 million in taxes, $79 million of that in state and local taxes, and
o 20,077 jobs.
Developers and homeowners will not buy a building, pay carrying costs, insurances,
taxes and architect fees without knowing if a credit is available.
The Federal government recognizes that its historic tax credit must be uncapped in
order to work, and has thus remained so.
Ėand working for small towns as well as big cities.
downtowns in both rural and urban communitiesĖthus increasing the state tax base.
In fact, 85% of eligible buildings are located in depressed areas, both urban and rural.
for outlying development, such as highways.
Wisconsin and Maryland, have tried to duplicate out success.
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Boulevard, St. Louis, MO 63108