Here’s a quick rundown of who supports Historic Tax Credits and who opposes this vital economic development tool. Contact the opponents of this successful job creation and neighborhood revitalization program and tell them HTC programs are good for Missouri.
The Historic Tax Credit program allows a tax credit equal to 25% of qualified expenditures associate with a historic redevelopment project. The Historic Tax Credits are available to a project of any size, and can be used for both commercial and residential purposes. In St. Louis alone, Historic Tax Credits have been responsible for the dramatic redevelopment of downtown.
HTCs create jobs and result in additional income for Missouri taxpayers. In fiscal year 2007, the historic preservation credit put over 4,900 Missourians to work. According to the foremost preservation economist in the United States, historic preservation credits have resulted in a total of 40,000 jobs since 1998.