Bill > SB1336

This bill establishes a tax credit program for first-time home buyers purchasing specific types of properties in Missouri. To be eligible, individuals must be first-time homeowners (with no principal residence ownership in the past three years), have an income at or below certain levels, and purchase a vacant, blighted property that has been uninhabitable or has outstanding property maintenance code violations. The tax credit is $5,000 and can only be claimed once per property. Applicants must agree to use the property as their primary residence for at least two years after rehabilitating the property, and the property must be likely to meet affordable housing unit definitions. The tax credit is non-refundable but can be carried forward for up to five subsequent tax years. The program includes provisions for the local authority to issue a credit certificate and potentially recapture the credit if the homeowner breaches the residency agreement. The tax credit program is set to automatically sunset six years after its effective date, which is January 1, 2027, unless reauthorized by the state legislature. The bill aims to encourage home ownership and property rehabilitation in potentially distressed areas by providing a financial incentive to first-time homebuyers.

Labor and Employment

https://www.senate.mo.gov/26info/BTS_Web/Bill.aspx?SessionType=R&BillID=657