JEFFERSON CITY, Mo. (- Missouri senators have voted to cut the amount of state tax credits available to renovate historic buildings.
The legislation passed Thursday would reduce the current $140 million annual cap on large projects to a maximum of $120 million, with at least $30 million reserved for projects in high-poverty areas.
The amount authorized for historic tax credits has been a controversial issue in the Legislature for the past decade. Some say the tax credits have diverted money away from other government services while supporters say the tax credits have helped revitalize numerous communities.
Last year, the state authorized $154 million in historic tax credits. That exceeded the current cap because state law doesn’t include smaller projects in the limit.
The Senate sent the bill to the House by a 24-8 vote.