SB 406 threatens Historic Tax Credits

Forwarded from Eric Friedman:

Please email and call all the senators on the Ways and Means committee and tell them this bill will bring all work on Historic Projects to a stop.

It Caps Approved, issued and redeemed tax credits on Historic and other tax credit programs at 3% of the net general revenue. Note redeemed is included.

SB 406 - This act limits the issuance and redemption of certain economic development tax credits in any fiscal year, beginning in fiscal year 2006, to three percent of the net general revenue of the state for the prior fiscal year. The act also provides that in any fiscal year, no tax credits shall be approved or issued or redeemed for a specific tax credit program until the tax credits for that specific program that were denied in the preceding year, due to the limitation imposed by this section, are issued.

In Iowa, I'm told, they can not redeem any tax credits until 2017.

Just posted last night, to the hearing schedule, SB 406 will have its hearing (Thursday 3/17/05) morning at 8:30 a.m. before Ways & Means in Senate Committee Room 1.

Link to the committee members and there contact information. http://www.senate.state.mo.us/05info/comm/wame.htm

Carl Vogel, 6th, Chair
Chris Koster, 31st, Vice-Chair
Norma Champion, 30th
John Cauthorn, 18th
John Griesheimer, 26th
Larry Taylor, 29th
Joan Bray, 24th
Victor Callahan, 11th
Maida Coleman, 5th

Link to the bill:
http://www.senate.mo.gov/05info/BTS_Web/Bill.aspx?SessionType=R&BillID=1
9062

Link to the hearing schedule look under Ways and Means
http://www.senate.mo.gov/05info/hrings.htm

If the links do not work paste them into you browser.

Missouri Coalition for Historic Preservation and Economic Development
____________________
Contact
Joe Hodes our consultant to assist
Joe will be in Jeff city today.
Or sign on at the web site below by sending an email to the link
Missouri Coalition for Historic Preservation and Economic Development
(314) 518-1797 (cell)
www.savehistorictaxcredit.org