Bill > HB2407

This bill establishes the "Workforce Housing Tax Incentives Program" in Missouri, which provides tax incentives to housing businesses that complete qualified housing projects. The key provisions include: 1. Defining terms like "brownfield site", "grayfield site", "housing project", "qualifying new investment", and "tax incentive" that are relevant to the program. 2. Outlining the requirements for a housing project to be eligible for the tax incentives, such as including a minimum number of dwelling units, being located at certain types of sites, and meeting cost and quality standards. 3. Establishing an application and approval process for housing businesses to receive tax incentive awards from the Missouri Department of Economic Development, which can include a sales tax refund and a workforce housing investment tax credit. 4. Imposing compliance requirements, including deadlines and fees, that housing businesses must meet to retain the tax incentives. 5. Providing the Department of Economic Development and Department of Revenue the authority to promulgate rules for administering the program, and subjecting the program to a sunset provision after six years unless reauthorized by the legislature. The goal of the program is to encourage the development and rehabilitation of workforce and disaster recovery housing in Missouri communities.