Bill > HB240

This bill establishes the Workforce Housing Tax Incentives Program, which provides tax incentives for housing development in Missouri, particularly in urban areas, small cities, and disaster recovery zones. The program offers tax credits and sales tax refunds to housing businesses that develop new housing or rehabilitate existing properties, with different incentive levels based on project location. Eligible projects must meet specific requirements, such as creating multiple dwelling units, rehabilitating properties in brownfield or grayfield sites, or developing housing in areas impacted by disasters. The tax incentives can cover up to 10-20% of the qualifying new investment, depending on the project's location, with a maximum of $1 million per housing project. Housing businesses must apply through the Missouri Department of Economic Development, provide local support documentation, and meet specific dwelling unit cost and quality standards. The program includes provisions for project completion timelines, compliance fees, and potential extensions. Tax credits can be transferred and used against state tax liability for up to five years. The program is set to sunset after six years unless reauthorized by the state legislature.

https://house.mo.gov/Bill.aspx?bill=HB240&year=2025&code=R