Springfield’s current center city was made possible by state tax credits, Mayor Ken McClure told a gubernatorial committee Wednesday as he lobbied in favor of economic development incentives for repurposing old buildings.
Numerous Springfield buildings have been redeveloped with the aid of historic preservation tax credits, said Rusty Worley, executive director of the Downtown Springfield Association.
He and McClure were followed by dozens of other speakers at the fourth and final town hall of the governor’s Committee for Simple, Fair and Low Taxes, which is tasked with examining Missouri’s tax climate. The committee is expected to deliver reform recommendations later this month.
The committee could recommend lower overall tax rates and offset the resulting drop in revenue with the elimination of one or more tax credits.
About $60 million in historic tax credits are expected to be redeemed in the next fiscal year, according to state data.
Another incentive that spurred defenders to beseech the governor’s committee is the Missouri Low Income Housing Tax Credit Program.
About $205 million in low-income housing credits are expected to be redeemed in fiscal 2018.
Read more: Springfield News-Leader