Bill > SB35

This bill establishes the Revitalizing Missouri Downtowns and Main Streets Act, which creates a tax credit program to incentivize the conversion of old office buildings into residential or mixed-use spaces, particularly in Missouri's main street districts. The bill allows taxpayers to receive a tax credit of 25% for converting non-residential buildings to predominantly residential use, and 30% for upper floor housing in qualified main street districts, with the converted building needing to be at least 25 years old. Tax credits are capped at $50 million annually, with specific allocations for large structures over 750,000 square feet and projects in main street districts. Taxpayers can transfer, sell, or assign these credits, which can be carried forward for up to 10 years if unused. To qualify, applicants must submit detailed documentation including ownership proof, architectural plans, cost estimates, and meet specific conversion timelines. The program is set to automatically sunset on December 31, 2033, unless reauthorized, and aims to encourage urban revitalization by supporting the adaptive reuse of older commercial buildings in Missouri's downtown and main street areas.

Budget and Finance, Business and Industry, Labor and Employment

https://www.senate.mo.gov/25info/BTS_Web/Bill.aspx?SessionType=R&BillID=82