Posted: Jul 17, 2013 11:19 AM by The Associated Press
ST. LOUIS (AP) - The amount of historic preservation tax credits authorized in Missouri dipped slightly during the recent budget year.
The St. Louis Post-Dispatch reports that Missouri authorized $93.9 million of the tax credits during the fiscal year that ended June 30.
That's down from $98.6 million the previous year and marks the fourth straight annual decline.
The program provides tax credits to developers to help offset the cost of refurbishing historic buildings. The authorized tax credits are paid later, only after work is completed.
It has been one of Missouri's most costly tax credits, peaking at $212 million of credits authorized in 2009.
During the 2013 fiscal year, $65.5 million of tax credit authorizations went to projects in St. Louis, accounting for more than two-thirds of the statewide total.