Bill > SB961

This bill modifies the Missouri Historic Preservation Tax Credit program by making several key changes to how historic property rehabilitation tax credits are awarded and structured. The legislation adjusts the applicable tax credit percentages for different types of properties, with new rates ranging from 25% to 35% depending on the property's location and type, including special provisions for historic schools and properties in qualifying counties. The bill extends the program's implementation date to 2026 and increases the annual cap on tax credits from $90 million to $495,000 for smaller projects. It establishes a more detailed application and approval process for tax credits, including year-round submission, priority review based on postmark date, and specific requirements for documenting project feasibility. The bill also introduces more stringent timelines for project commencement, with taxpayers required to begin rehabilitation within 24 months of approval and incur at least 10% of estimated rehabilitation costs. Additionally, the legislation creates an appeals process for applicants to challenge decisions made by the Department of Economic Development or the State Historic Preservation Office, ensuring more transparency and opportunity for review in the tax credit allocation process.

Labor and Employment

https://www.senate.mo.gov/26info/BTS_Web/Bill.aspx?SessionType=R&BillID=189