Bill > HB610

This bill establishes the "Revitalizing Missouri Downtowns and Main Streets Act," which creates tax credits to encourage the conversion of older, non-residential buildings into residential or mixed-use properties, particularly in downtown and main street areas. The bill provides tax credits of 25% for converting office buildings to predominantly residential or commercial use, and 30% for upper floor housing in qualified Missouri main street districts. Taxpayers can apply to the Missouri Department of Economic Development for tax credits, which can be transferred, sold, or assigned, and can be used to offset state tax liability. The total tax credits available are capped at $50 million per fiscal year, with specific allocations for large structures over 750,000 square feet and upper floor housing projects in main street districts. To qualify, buildings must be at least 25 years old, and the conversion must involve significant expenditures. Applicants must provide detailed project information, prove ownership or site control, and meet various requirements, including commencing conversion within 12 months of approval. The bill aims to incentivize urban revitalization by making it financially attractive to repurpose older, underutilized commercial buildings into residential or mixed-use spaces.

Business and Industry, Government Affairs

https://house.mo.gov/Bill.aspx?bill=HB610&year=2025&code=R