This week, the Senate and House will be preparing conference reports on the state budget. It is likely that legislators will spend a fair amount of time in conferences set for this week. However, there is the persistent possibility that legislation related to the historic preservation tax credit may be put into action. The following are bills that the Coalition for Historic Preservation and Economic Development will be watching carefully as the week continues.

Senate Substitute for Senate Committee Substitute for House Committee Substitute for House Bill 191

It is likely that a substitute for the House’s original economic development bill will be brought to the Senate floor at some point this week. An earlier version of this substitute is available on the Coalition’s legislative update page. It is anticipated that the legislation will include a $100 million cap on historic tax credit, with supplemental appropriations, and a per-project cap on residential rehabilitation.

House Committee Substitute for Senate Bill 377

This bill has been placed on the informal calendar, and may be brought to the House floor this week. It currently contains a $165 million cap, with exemptions for projects that receive less than $350,000 of historic credits. Language is available on our legislative update page.

House Committee Substitute for Senate Bill 280

Although HCS/SB 280 currently exists as a bill which calls for insurance companies’ exemption from state corporate income and franchise taxes, it is suspected that this bill could be used as a vehicle for economic development language. And, given that historic tax credit cuts have frequently been tacked on to such bills throughout this year’s session, HCS/SB 280 is a bill of interest.

House Committee Substitute for Senate Bill 215

After hitting a roadblock in the Senate on Thursday of last week, this bill now has the potential to come up at any time. Currently, HCS/SB 215 does not contain any tax credit language. However, it is possible that the bill could be sent to conference and allowed to include historic tax credit cutbacks if the Senate and House vote to exceed the differences.

(Legislative Update courtesy of Missouri Coalition for Historic Preservation & Economic Development)