Auditor: Mo. spends too much on historic tax credits

Missouri Auditor Tom Schweich released a report Tuesday that was critical of the state’s historic preservation tax credit.

The audit found Missouri spends $123 million a year on the tax-credit program, far beyond state projections and more than any other state spends to renovate historic homes and commercial buildings, according to the St. Louis Post-Dispatch.

During the past decade, $1.1 billion in historic credits have been redeemed, according to the report, but much of that money doesn’t go toward renovations. Because building owners typically sell their credits at a discount to brokers to raise money for renovations, only 49 cents to 85 cents of each credit dollar goes directly toward renovation expenses.

Read more from the St. Louis Post-Dispatch.