A key state commission Friday recommended sharp cuts to Missouri’s popular historic tax credit program, though not as sharp as some people would like.
In a series of close votes three hours into an afternoon-long teleconference, members of Missouri’s Tax Credit Review Commission voted 8-6 to recommend that the Legislature put a $90 million cap on historic tax credits.
That’s a big cut from the $140 million cap now on the program, which has paid to rehab numerous buildings in St. Louis in recent years, but more generous than the $75 million cap the same group voted for two years ago.
The historic program, along with credits to build low-income housing, drove the cost of tax credits to the state treasury to a record $629 million last year. That sum prompted Gov. Jay Nixon to reconvene the 25-member commission that spent months in 2010 studying Missouri’s 61 tax credit programs.