Missouri Public Policy

Tax Credit Commission Subcommittee Report on the Historic Tax Credit

From the Coalition for Historic Preservation and Economic Development

The report contains the Subcommittee’s recommendations to the TCRC. Per the final report, the Sub-Committee’s methodology used to come to the report conclusions were as follows:

Over the course of its meetings, the Subcommittee collected and considered a significant amount of testimony, facts, assertations, and reports from economists, national organizations, DED, members of the development community, private and public leaders and the public themselves. The Subcommittee submits this Report in part as a response to the fifteen questions posed by the Co-Chairmen of the Commission in their memorandum to the commission dated September 16, 2010. The Subcommittee has also chosen to supplement its response to the Commission’s questions with specific recommendations to the commission for proposals to modify the program.

The HTC Subcommittee’s Final Report identified seven recommendations for the Tax Credit Review Commission to consider for its final report to the Governor.

1. The Annual Cap placed on the credit in 2009 to remain in place
2. Revision to HTC Carry back/Carry forward provisions
3. Revision to Deferred Developer Fee methodology
4. Reductions of Percentage of Credit when combined with LIHTC
5. Owner Occupied Cap reduction
6. Cost Certification Review – Create more efficiencies and quicker turnaround time
7. Program Efficiencies – work to clarify DED interpretations of the law and to direct issuance fee back to support the program

The Tax Credit Review Commission will be meeting November 5th in Jefferson City, MO to review all reports from the various Tax Credit Subcommittees. Once all reports have been reviewed by the TCRC they will draft their final report about all of Missouri’s Tax Credit Programs for Governor Nixon to review.