Bill > SB404

This bill establishes a tax credit program for first-time home buyers who purchase specific types of vacant and blighted properties in Missouri. The $5,000 tax credit is available for tax years beginning on or after January 1, 2026, and can only be claimed once per property. To qualify, applicants must be first-time home buyers (meaning they haven't owned a principal residence in the past three years), have an income at or below certain levels, and purchase a property that has been vacant for at least six months and is considered blighted due to deteriorated physical condition or property maintenance code violations. Applicants must also commit to using the property as their primary residence for at least two years after rehabilitation. The tax credit is non-refundable but can be carried forward for up to five subsequent tax years. The program includes provisions for the relevant authority to issue a certificate for the tax credit and potentially seek recapture if the agreement is breached. The tax credit program is set to automatically sunset six years after its effective date unless reauthorized by the Missouri General Assembly, with a potential maximum extension of twelve years.

Labor and Employment

https://www.senate.mo.gov/25info/BTS_Web/Bill.aspx?SessionType=R&BillID=271