Members of the Tax Credit Review Commission voted in favor of cutting historic preservation tax credit awards by about one half.

The commission recommended a $75 million cap in the program — down from $140 million.

Missouri has the highest tax credit cap nationwide, and would remain that way even with a $65 million decrease in the Historic Tax Credit program.

The program provides tax credits for redevelopment of historic facilities. Because the projects largely are in urban areas, the tax credits have enjoyed strong support from urban legislators and officials — particularly in St. Louis.

One of the commission members, Sen. Matt Bartle, said this is no time to be giving money to refurbish old buildings when money is being taken away from the Missouri education system.

At Wednesday’s Tax Credit Review Commission meeting, the proposed number was $90 million, but Bartle suggested an even smaller amount of $75 million.

Bartle’s proposal passed in the commission meeting with an 11 to 9 vote.

The proposal will face a stiff fight in the legislature, where Republican leaders in the House have argued that tax credits are a tool for helping encourage the state’s economic development.

The governor created the commission earlier this year after his proposal for scaling back tax credits went nowhere in the legislative session.

– Missouri Digital News