[TGE-mail] Urgent Alert on Immediate Threat to the Historic Tax Credit

[gina banina]

---------- Forwarded message ----------
From: Michael Allen <michael at eco-absence.org>
Date: May 10, 2007 2:45 PM
Subject: [MetroNetStL] Urgent Alert on Immediate Threat to the Historic Tax
Credit
To: metronetstl at googlegroups.com


Urgent Alert on Immediate Threat to the Historic Tax Credit


ACT NOW
TO HALT SUNSET PROVISION TO THE MISSOURI HISTORIC TAX CREDIT

Call on State Senators to Halt the Sunset Provision to the Missouri Historic
Tax Credit


Senate Bill 86 has been amended to add a provision that will automatically
sunset the Historic Tax Credit program and all other tax credit programs in
2011 unless the general assembly reauthorizes the program.  While this
amendment is being portrayed as a "typical review" of all tax credit
programs, this is NOT a typical review.   The sunset is automatic unless the
General Assembly acts to reauthorize the program.


The Historic Tax Credit is one of few widespread economic development tools
that work statewide, in small communities and big cities alike.  Since 1998,
over 900 historic renovation projects have been completed in 37 counties and
55 communities across the state.  A sunset provision to the Historic Tax
Credit will halt future development in Missouri and put in jeopardy all
pending projects.


ACTION REQUESTED:

Please take 10 minutes to contact your Senator and the Senators listed below
as well as forward this alert to 5 other people.  Please report back to the
Jennifer Olmstead at the Historic Tax Credit Coalition at 314-621-6115 or
via email at jenniferolmstead at sbcglobal.net



CONTACT:


Please contact Senator Lager, who spearheaded the sunset provision as well
as Senate Leadership members:


Senator Brad Lager (R-12), 573-751-1415, Brad.lager at senate.mo.gov

Senator President Pro Tem Michael Gibbons, 573-752-2853,
mrgibbons at senate.state.mo.us

Senator Charlie Shields, 573-751-9476, Charlie_shields at senate.mo.gov

Senator Chris Koster, 573-751-8635



Please contact your Senator as well,
www.senate.mo.gov/llookup/leg_lookup.aspx



THE MESSAGE:

Tell your Senators:


   - Do not group the Historic Tax Credit program with other tax credit
   programs.  Numerous committees have already reviewed the Historic Tax
   Credit.  A 2005 report on Economic Development Incentives commissioned by
   Governor Blunt, recommended maintaining this important economic development
   tool in its current form.
   - Don't alter what is working.  The Historic Tax Credit program is one
   of the few economic development tools that is working statewide.
   - Any small change to the Historic Tax Credit will create uncertainty
   and halt redevelopment in our state; developers need stability.  Any small
   change to the Historic Tax Credit will create uncertainty and cause
   developers to reconsider their investment in the in the state.
   - The Tax credit is a prudent approach to economic development.  It
   stimulates investment that wouldn't happen otherwise.
   - Unlike other tax credits, four dollars ($4) must be invested in
   Missouri's economy for months or years while the renovation work progress,
   before the issuance of one dollar ($1) of tax credit.  The renovated
   buildings must be ready to open and the state must certify the completed
   renovations, along with a third party, before the tax credit is issued.
   - A sunset on the Historic Tax Credit will bring a halt to
   redevelopment in Missouri.  Developers will not buy a building, pay carrying
   costs, insurances, taxes and architect fees without knowing that the credit
   is available without a sunset.
   - Investment in historic renovation projects would disappear, taking
   with it the millions of dollars of state tax revenues it generates.  When
   the federal government suddenly altered the federal historic tax credits in
   1986, historic renovation in the state of Missouri declined by 96%.


 For more information related to this alert, please contact Jennifer
Olmstead at jenniferolmstead at sbcglobal.net or at 314-621-6115.
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