by Michael R. Allen
The Missouri Growth Association has released An Evaluation of the Missouri Historic Preservation Tax Credit’s Program’s Impact on Job Creation and Economic Activity Across the State, a 34-page report by Dr. Sarah Coffin, Rob Ryan and Ben McCall of St. Louis University.
According to the report, the tax credit is responsible for 43,150 new or retained jobs with an average salary of $42,732 as well as $669.8 million in new sales/use and income tax revenues to state and local government.
The report confirms advocates’ assertions that the credit enjoys wide usage and largely benefits small developers. Coffin and company found that, as of 2009, the range of historic rehab tax credits issued goes from $399 to $20.1 million.
About 33% of the projects that have received Missouri historic rehab tax credits have used less than $50,000 in credits. Taking the number up to usage of $100,000 or less, there is a majority of 57% of projects. Less than 13% of projects used more than $1 million in credits.
2 replies on “Study on Missouri Historic Tax Credit: 43,150 Jobs, Most Tax Credit Projects Small”
How do we even begin to argue with our representatives when the facts seem to be so clearly written on the wall?(This is not a rhetorical question.) I don't even know how I can write them for their support of the tax credits when there is such ignorance abounding.
Good question. Now that there is HB 2399 (see blog post from later today), you can write your Representatives and ask them to oppose that specific bill.
Ultimately, though, I think our side will need to present a counter-proposal and rally support behind it rather than waiting for the governor to make all of the moves.