Bill > HB2531

This bill establishes the "Revitalizing Missouri Downtowns and Main Streets Act," which creates a tax credit program to incentivize the conversion of older office buildings into residential or mixed-use properties. The bill allows taxpayers to receive tax credits equal to 25% of qualified conversion expenditures for converting non-residential buildings to predominantly residential use, and 30% for upper floor housing in qualified Missouri Main Street districts. Tax credits can be up to $50 million annually, with specific allocations reserved for large structures over 750,000 square feet and projects in Main Street districts. Taxpayers must apply to the Missouri Department of Economic Development, provide detailed project plans and documentation, and meet specific requirements such as converting buildings at least 25 years old and incurring substantial renovation expenses. The credits can be transferred, carried forward for up to 10 years, and are subject to various rules about project completion, ownership changes, and financial commitments. The program is set to automatically sunset on December 31, 2034, unless reauthorized by the state legislature, ensuring periodic review of the initiative's effectiveness in revitalizing urban spaces and encouraging downtown residential development.

Business and Industry

https://house.mo.gov/Bill.aspx?bill=HB2531&year=2026&code=R