Audit: Mo. Historic Building Tax Credit is Costly
JEFFERSON CITY (AP) - Missouri Auditor Tom Schweich says the state's tax credit program for the redevelopment of historic buildings is the largest in the nation. And he says it's also inefficient.
An audit released Tuesday said Missouri has redeemed $1.1 billion of historic preservation tax credits during the past decade, making it the largest program among the 30 states with something similar.
Schweich says the program has a laudable goal of encouraging the renewal of run-down buildings. But he says it's inefficient, because somewhere between 49 cents and 85 cents of each dollar of tax credits goes toward rehabilitation costs. He says the rest goes toward taxes, investors and brokers.
Schweich released a similar audit two weeks ago criticizing Missouri's low-income housing tax credit as inefficient and among the costliest nationally.