Missouri REALTORS Mobilize To Oppose Historic Tax Credit Cuts
If you’ve lived in Missouri for any length of time, you’ve likely noticed some positive changes and upgrades to your local main street. Many of these improvements are thanks to The Missouri Historic Tax Credit Program. The program has been supporting the revitalization of downtowns, business districts and other public gathering spaces that were unused or in disrepair since 1998. According to the Missouri Historic Revitalization Alliance these upgrades have directly generated more than 43,000 jobs as well as boosting the state’s economy by $1 billion dollars annually.
Despite the seemingly successful outcome of MO’s historic tax credit, the program is currently at risk. The recently proposed SB 590 makes significant cuts to the Historic Tax Credit program. Specifically, SB 590 would cut the historical credits in half and give the MO Department of Economic Development veto power over all submissions.
Sam Licklider, Chief Lobbyist at Missouri REALTORS (MR) explains how the passing of this amendment would affect MO homeowners “The historic tax credit program has restored neighborhoods and downtown areas, turning them into economic assets for the community. These improvements directly impact housing values. If the historic tax credit cuts are approved, homeowners will feel the impact financially.”
As of the writing of this article, SB 590 is out of committee and awaiting action on the Perfection Calendar. MR has been quickly mobilizing forces while there’s time, “Our organization sent out a call to action on February 12, emailing more than 21,000 MO REALTORS to ask for their support.” The email included a call to MR members to tell their senators to oppose the diminishment of the historic tax credit program.
Licklider hopes that homeowners will join forces with MO REALTORS and contact their Senator, voicing their opposition to the proposed amendment. Homeowners who wish to do so can look up their House and Senate members on the general assembly website.