Historic tax credit backlog delays projects, reimbursements

Missouri has long had one of the largest state historic tax credit programs in the country, but a bottleneck of unreviewed applications has caused it to stall.

Some estimate more than 200 applications are awaiting review.

A review process that typically lasts up to 90 days has stretched to more than a year in some cases, causing problems for a development community that’s become reliant on the program for financing projects.

State lawmakers last year lowered the annual cap on historic tax credits to $90 million from $140 million, but that’s not the cause of the delay.

The backup is largely due to reduced staff in the state historic preservation office, which reviews all applications for credits. The department is currently seeking to hire more reviewers to help speed up the process.

Read more: St. Louis Post Dispatch

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