EXPERTISE IN ACTION:
Preserving Our Past: Missouri Historic Preservation Tax Credit Update
Posted on
November 11, 2009
The state has made the preservation of that history more attractive – and more achievable – by offering state Historic Preservation Tax Credits.
- Investment tax credits provided by Missouri law equal 25 percent of approved costs associated with qualified rehabilitation
- Federal and state credits can be used in combination for the rehabilitation of commercial or income-producing properties
2009 Missouri State Historic Preservation Tax Credit Changes
In 2009, Missouri Historic Preservation Tax Credits underwent some legislative changes, with caps being implemented on authorizations of:
- $70 million between January 1 and June 30, 2010.
- A cap on authorizations of $140 million for each year thereafter.
Historic Tax Credit Caps: A Setback?
While such caps might appear to be a setback for what historically has been an inclusive tax credit program, thus far that’s only true in theory.
The reality is that the caps were set using data from a time when redevelopment in the region was at an historic high – and thus property values and the associated taxable values were at a high point as well. In the current economic climate, such caps haven’t yet had an impact on the renovation work that’s being put into place.
That, combined with the proper funding vehicles and ample downtown historic stock, means historic preservation still is an extremely viable option for downtown development, in cities both large and small.
To learn more about how Paric is taking historic renovation to the
Next Level, see our
Historic Renovations and City of St. Louis and
Commercial market pages.
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