Capping Historic Preservation Tax Credits
In order to operate a smart government, one that makes effective use of state tax dollars, we sometimes have to revisit programs that have overstepped their usefulness. That’s the case now with the Historic Preservation Tax Credit. In the past, this credit has served to incentivize rehabilitation of historic structures — a worthy goal. But it’s ballooned into an unacceptable expense for Missouri.
Currently, the Department of Economic Development is instructed to keep the yearly aggregate of these tax credits below $140 million. I’ve filed a bill to lower that cap to $50 million. Last week, the Senate Committee on Local Government and Elections held a hearing on my proposal, Senate Bill 590. As the legislative session advances, I hope my bill does, too.
I recognize the importance of preserving the storied history of our state. That’s why my act includes a provision establishing a new Public Buildings Preservation Tax Credit. Taxpayers would earn this credit by donating to a public entity’s facility improvement project. Donations could go toward maintaining state structures, such as the Missouri Supreme Court building, or could support a facility owned by your local county or municipality.
I believe my bill provides a better way forward. We cannot neglect our public facilities, nor our historic symbols, but the excesses of past Missouri legislatures must be reined in. $140 million is simply too steep a cost. That money would be better served directed toward a more worthwhile end, such as funding higher education and in-home health care for the elderly.
As always, please feel free to call, email or write with your ideas or concerns. My Capitol office number is (573) 751-1415, my email is dan.hegeman@senate.mo.gov and my mailing address is Room 332, State Capitol Building, Jefferson City, MO 65101.