What does Jeff Smith’s resignation mean for Historic Tax Credits?

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What does Jeff Smith’s resignation mean for Historic Tax Credits?
By Tim Logan
St. Louis Post-Dispatch
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What will the resignation of state Sen. Jeff Smith mean for Missouri’s Historic Tax Credits program?

Clearly, it’s too soon to know for sure. A special election will be held to fill his seat
Nov. 3, and the credits program was just renegotiated in the spring.

But Historic Tax Credits, which has driven an estimated $4 billion in rehabs across Missouri in the last decade and is credited as a major factor in reviving downtown St. Louis, has been a constant target for state budget-cutters. And it just lost perhaps its fiercest advocate in the Legislature.

Smith represented much of the western half of St. Louis City, including some neighborhoods that have benefited mightily through historic rehabs in recent years. His was a key voice in this spring’s negotiations, when some rural lawmakers tried to curtail the program over concerns that it has become too costly.

Smith threatened filibusters and told whomever would listen about the importance of the program to job creation and the revitalization of St. Louis. Here he is talking about the value of Historic Tax Credits in a video produced in April by St. Louis Alderman Antonio French.
In the end, lawmakers agreed to cap the credits at $140 million, with an exemption for the smaller projects that make up the bulk of the buildings restored through the program - a measure Smith pushed for.

And in a statement yesterday, Smith listed protecting the credits among the proudest accomplishments of his brief tenure.
The tax credits have other backers in Jefferson City, and a strong lobby of developers and urban leaders who support them. But it’s unclear who will take the reins in the Legislature if there’s a move again next year to cut them further.

Original Post: http://www.stltoday.com/blogzone/building-blocks/residential-real-estate/2009/08/what-does-jeff-smiths-resignation-mean-for-historic-tax-credits/

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