Bill > HB900

This bill establishes the Revitalizing Missouri Downtowns and Main Streets Act, which creates a tax credit program to encourage the conversion of older, non-residential buildings into residential, retail, or commercial spaces. Specifically, the bill provides tax credits equal to 25% of qualified conversion expenditures for building conversions, or 30% for upper floor housing in designated Missouri main street districts. Eligible buildings must be at least 25 years old and previously used as office spaces. The program has an annual cap of $50 million in tax credits, with 25% of those credits reserved for projects in qualified main street districts. Taxpayers must apply to the Missouri Department of Economic Development, providing detailed plans, proof of ownership, and project specifications. To qualify, projects must involve substantial conversion expenditures (at least $15,000 in main street districts or $500,000 elsewhere) within a 24-month period. Tax credits can be transferred, carried forward for up to ten years, and can offset up to 100% of a taxpayer's state tax liability. The bill aims to revitalize downtown areas and encourage adaptive reuse of older commercial buildings by providing financial incentives for renovation and redevelopment.

Business and Industry

https://house.mo.gov/Bill.aspx?bill=HB900&year=2025&code=R