Bill > SB869

This bill establishes the Revitalizing Missouri Downtowns and Main Streets Act, which creates a tax credit program to incentivize the conversion of older, non-residential buildings into residential or mixed-use properties. The bill allows taxpayers to receive tax credits equal to 25% of qualified conversion expenditures for converting office buildings to predominantly residential use, and 30% for upper floor housing projects in qualified Missouri main street districts. Tax credits can be transferred, sold, or assigned, and can be used to offset up to 100% of a taxpayer's state tax liability. The total amount of tax credits is limited to $50 million per fiscal year, with specific allocations reserved 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, with conversion expenditures meeting certain thresholds, and applicants must submit detailed documentation to the Missouri Department of Economic Development for approval. The program will sunset on December 31, 2034, unless reauthorized, and includes provisions for carrying forward unused credits and annual economic impact assessments.

Labor and Employment

https://www.senate.mo.gov/26info/BTS_Web/Bill.aspx?SessionType=R&BillID=185