(Promoted because I agree. – promoted by Clark)
Missouri State Historical Preservation Tax Credit
The Missouri State Historical Tax Credit is one initiative that successfully attracts new industry. The tax credit provides an incentive for the redevelopment of commercial and residential historic structures, a vital aspect of attracting new business. This influx of businesses effectively creates a direct cash infusion into state and local budgets. This point was demonstrated in 2000, a year in which the cost of the credits was $20 million while the direct increase in state and local taxes for that year was $30 million. The credits generated 1 ½ times their cost; it is evident that capping this credit would increase the deficit and worsen the budget crisis. Overall, the total benefits of the Missouri State Historical Preservation Tax Credit far outweigh the direct infusion of monies, resulting in an economic boost to Missouri’s economy by over $1 billion every year. In addition, limitations on this tax program would be detrimental to the tourism industry. The tax credit currently generates $660 million annually in heritage tourism spending while also increasing state revenue and creating over 20,000 jobs. We cannot afford to limit such valuable benefits by placing a cap on the tax credit. Without the Missouri State Historical Tax Credit, developers and homeowners will not invest the necessary amount of capital and urban renewal will be severely hindered. This credit is important not only to the city of St. Louis, but to Missouri as a whole. It creates state revenue, jobs, and redevelopment both for cities and rural communities.
When I ran for the Missouri Senate in 2006, I promised the 4th District I would be in Jefferson City to protect their jobs. One way I promised to do that was to use my ability to talk for long periods to filibuster bills that will hurt the City of Saint Louis.
Yesterday I was doing exactly that. I have never tried to pit the interests of my District against those in other Districts, but I will not stand by as jobs in my District are cut for jobs in other Districts.
Wow. A politician who keeps his promises.