An encouraging new study of the federal historic tax credit (HTC) was just released by Rutgers University Center for Urban Policy Research.
The study presents quantitative and qualitative information regarding the economic and other benefits of the federal HTC, including state historic tax credits. Further, the study highlights several key indicators of the impact of the Missouri HTC.
- In FY 2008, Missouri received approximately $419 million in federal HTC-supported rehabilitation. The national impact of that investment included approximately 7,200 jobs, which generated an additional $796 million in output, $299 million in income, $396 million in GDP, and $94 million in taxes.
- The FY 2008 $419 million in historic rehabilitation spending translated to approximately 5,300 jobs, which generated $518 million in output, $225 million in labor income, $275 million in gross state product (GSP), and $85 million in taxes.
- The FY 2008 in-state wealth (GSP minus federal taxes) resulting from rehabilitation expenditures amounted to $210 million, indicating a high 76 percent retention rate.
Please review this study and use it as an education tool to further support and protect the Missouri HTC.
RubinBrown’s Real Estate Services Group plans to issue a similar study this summer which will focus on several key benchmarks on Missouri-only projects.
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