UPDATE: On May 1, 2019, New Rules regarding the Missouri Historic Preservation Tax Credit were released to the public.
Changes to the rules include:
- A new $90 Million project cap (formerly $140M for projects $275k and over), with an additional $30M solely for projects located in a qualified census tract. Applies only for projects $275k and over.
- Additional documentation required for preliminary applications.
- Additional Scoring Criteria: overall size and quality of the project, level of economic distress, net fiscal benefit, and input from local elected officials.
- Final application review now 9 months from date of authorization letter and no less than 10% of estimated costs of rehab (formerly 2 years).
- 4% issuance fee (up from 2.5%)
- Updates to existing definitions.
- Submit 2 sets of state application materials directly to Missouri Department of Economic Development, 2 sets of federal application directly to State Historic Preservation Office (previously 3 sets of state/federal application materials to DED who then forwarded them to SHPO).
Results of Missouri’s Historic Preservation Tax Credits Through 2014:
- Over $7.5 billion in private investment before the credits were issued
- 2,700+ projects in 72 communities
- 72,000+ construction jobs
- 22,000+ permanent jobs
Statistics from FY2010 show how well the program is working. Tax credits awarded in FY10 reflect private investment that was taking place during the worst of the recession.
Here’s what historic tax credits did for Missouri during the recession:
- Credits issued in FY2010 accounted for $632,894,262 in redevelopment, 1,571 jobs (not counting construction jobs), and 1,817 new housing units. -Department of Economic Development Statistics.
It should also be noted that, because not all project costs are eligible for the 25% credit, state historic tax credits accounted for just 16% of that total, and as always, credits were not issued until after the buildings were put into service.