Historic Tax Credits for Residential Use
The St. Louis Business Journal had a poll today which appeared critical of State Historic Tax Credits being used on residential properties. These credits are part of the state program which is used primarily on apartments and commercial buildings.
If used properly, the credits can help rejuvenate historic neighborhoods and preserve housing. The criticism seems to be that sometimes people who use these credits don’t need them. A simple solution would be to means test the program so that only households who need the credits will use them. Written by Paul Dribin
You can use W-2 or AGI for a household. But people could just hide behind an LLC. Then the people for whom the dollars matter create the LLCs and people can argue you just added more red tape to the process without changing anything?
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