Bill > HB1498

This bill modifies the "Rebuilding Communities and Neighborhood Preservation Act" to establish a new tax credit for critical revitalization property, which is defined as an occupied property recognized as a contributing resource in a National Register-listed historic district and zoned as residential, commercial, or mixed use. The bill introduces several key provisions: taxpayers who incur eligible renovation costs for critical revitalization properties can receive a tax credit equal to 35% of those costs, with a minimum of $5,000 in expenses and a maximum credit of $100,000 per property in a ten-year period. The tax credit program will be part of a broader annual tax credit allocation of $16 million, with specific allocations for different types of areas, and will be in effect from January 1, 2000, to December 31, 2025. The bill requires the Department of Economic Development to establish an application process for these tax credits, which will include evaluation criteria for individual property applicants and local nonprofit organizations supporting multiple properties within the same historic district. Additionally, the department must conduct annual comprehensive program evaluations to assess the economic impact and effectiveness of the tax credit program. The bill aims to incentivize the renovation and preservation of historic properties in designated districts by providing financial support to property owners undertaking significant renovation efforts.

https://house.mo.gov/Bill.aspx?bill=HB1498&year=2025&code=R