JEFFERSON CITY, Mo. (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.
© Copyright 2014 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.
MORE POLITICS NEWS:
- Bernie Backers Protest Outside DNC as Hillary Gets Nomination
- Michael Brown’s Mother Appears on DNC Stage
- Atheists Sue Missouri Officials Over Baptist Convention
- What Do Campaigns Know About You? A Lot.
- Hastert Wants Victim’s Suit Over Unpaid Hush Money Tossed
- Monitor Chosen to Oversee Ferguson’s Police, Court Reforms