On Wednesday, February 11th, Missouri Preservation had a productive day advocating for the safeguarding of the Historic Preservation Tax Credits (HPTC). The day included visits with several of our elected officials as we urged the preservation of our HPTC, a program which has helped to support an estimated $7 billion in private investment in the renovation of historic buildings in Missouri, as well as creating jobs and contributing to local economies throughout the state since its inception in 1998.
What is HPTC: They are tax credits that provide an incentive for the redevelopment of commercial and residential historic structures in Missouri and are open to any taxpayer across the state. The program provides state tax credits equal to 25% of eligible costs and expenses of the rehabilitation of approved historic structures.
We were joined by Lobbyist Jim Farrell as well as Senators Joe Keaveny and Jamilah Nasheed speaking in favor of the HPTC. Mr. Farrell kept his audience abreast of HPTC’s current standings. Things are looking positive but we are not out of the woods yet. Given that there are so many new elected officials, it is important for us to keep educating them about the multiple benefits HPTCs bring to Missouri communities and about the unintended consequences that may come from a reduction in the cap. We provided freshman legislators with DVD’s containing Landmarks Association of St. Louis’ video on The Benefits of the Missouri Historic Rehabilitation Tax Credit.
Representatives from Missouri Preservation, Historic Kansas City Foundation, Rosin Preservation LLC, Preservation Research Office, The Builders’ Association, Enhanced Historic Credit Partners, and Lisart Capital were on hand to remind legislators how the credits have turned entire neighborhoods around across Missouri.
Thanks to all who made this day such a success.
Missouri’s Historic Preservation Tax Credit at Work
CASE STUDY: Ironton Lodge Hall
One of the Case Studies that we brought to the legislators attention was the Ironton Lodge Hall, located in Ironton, MO. This main street building was rehabilitated by owner Emily Parker and family . The project incurred over $770,000 in expenses of which $720,000 were eligible for the 25% Historic Preservation Tax Credit, resulting in $180,000 in state tax credits. The building has been brought back to life as the Arcadian Academy of Music, and is now her concert pianist studio, classrooms, recital hall, and the Parker’s permanent residence.
Before/After of the Ironton Lodge Hall
BENEFITS ACCRUED BY STATE & LOCAL COMMUNITY:
It is important that you let your legislators know that you support the positive economic impact that the State Historic Preservation Tax Credits deliver in Missouri. Don’t know your legislator’s name or contact information? You can find it at http://www.moga.mo.gov.