by Christian Frommelt
Around 5:30 pm this evening the Missouri House passed SB112 (New Markets Credit) that included an amendment to reduce the historic tax credit cap from $140 million to $90 million ($10 million cap on small projects) and another amendment to renew Paul McKee’s Distressed Areas Land Assemblage Tax Credit. As each of you know, this is legislation that would significantly harm St. Louis’s efforts to continue essential revitalization of historic buildings. This revitalization creates jobs, leverages private investment, broadens the tax base, and preserves the unique historic environment that remains our biggest asset as a region. It’s imperative that we call on advocates in the Senate to speak out against this bill to defeat it.
Paul McKee’s credit has created exactly zero jobs while the historic tax credit has created over 43,000. Paul McKee has torn down irreplaceable historic buildings with no promise of redevelopment while the historic tax credit has had an enormous impact in returning similar historic buildings back to life and property tax rolls. Defeating SB112 and its amendments is the obvious choice for future economic development and historic preservation in St. Louis. Pleas urge our senators to defeat SB112, which will be discussed tonight or tomorrow.
Sen. Jamilah Nasheed: 573-751-4415, 314-409-5730 (c) | jamilah.nasheed@senate.mo.gov
Sen. Joe Keaveny: 573-751-3599 | joe.keaveny@senate.mo.gov
Sen. Scott Sifton: 573-751-0220, 314-631-0445 (c) | scott.sifton@senate.mo.gov