Governor’s tax committee hears case for historic preservation tax credits

With just weeks before the scheduled end of hearings by the Governor’s Committee on Simple, Fair and Low Taxes, the committee continues rolling through its meetings, including hearing testimony Monday from several developers from St. Louis, Kansas City, and Springfield.

The group, led by Steve Stogel, a developer out of St. Louis who pioneered the use of tax credits in downtown St. Louis, spoke before the committee on historic preservation tax credits, an issue that Chairman Joel Walters said they needed to look into to see what, if any, changes or modifications could be made to improve the program or eliminate inefficiencies.

Stogel told the committee of how the federal and state credits have helped revitalize areas in the Show-Me State, noting that Missouri led the U.S. in the number of projects with St. Louis ranking number one. He argued that by revitalizing buildings, it, in turn, leads to more development in nearby vacant properties.

Former State Sen. Jason Crowell voiced his concerns about the tax credits, though, saying he could not understand why these developers and tax credits did not have to go through the appropriations process like others do.

A representative from the Department of Agriculture also spoke to the committee about some of the tax credits available but said that they were still in the process of looking into them themselves, adding they would be willing to return and answer any questions about how they might be best modified or consolidated to better fit the state’s needs.

Read more: The Missouri Times


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