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You are here: Home / Legislature / Missouri could soon begin providing housing tax credit

Missouri could soon begin providing housing tax credit

February 16, 2009 By admin Leave a Comment

Missouri might soon be pushing its own program to stimulate the sagging housing market.

Sen. Tom Dempsey (R-St. Peters) inserted a provision in the jobs bill ( HB190 ) working its way through the legislature that would provide a $1,000 tax credit for home buyers.

"My interest is in looking at a way to try to spur some economic activity," says Dempsey. "The downturn in the housing industry and the devaluation of property was so sudden and so deep I think it caught a little people off guard. There are people struggling to stay afloat."

The Dempsey amendment would provide a $1,000 credit to anyone buying a house with a price tag at or below the county average. Dempsey says it is not designed to help those buying expensive homes. The credit would be capped at $4 million.

House Speaker Ron Richard (R-Joplin) supports the proposal. He says it fits with the idea behind the jobs bill.

"We think that’s going to translate into putting carpenters, electricians and brick-layers back to work," Richard says. "As near as I can tell, if we get people building and buying homes it transcends into everything else."

The jobs bill is a priority this session. The House took it up the first week of February and approved it. A Senate committee has made modifications and has sent it to the full Senate for debate with a recommendation that it be approved. It is waiting debate.

Download/listen Brent Martin reports (:60 MP3)

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