Missouri’s state legislature recently advanced a bill that modifies provisions of existing tax credit programs in a manner consistent with the recommendations of the Tax Credit Review Commission and establishes new tax incentive programs. Among other things, the bill:
- Establishes a one hundred ten million dollar fiscal year cap for authorizations of 9% low-income housing tax credits. Authorizations of 4% low-income housing tax credits are capped at twenty million dollars each fiscal year from FY 2012 – FY 2015. The act prohibits the authorization of 4% low-income housing tax credits after June 30, 2015. The stacking of state 9% low-income housing tax credits with state historic preservation tax credits for the same project is prohibited. The carry-back for low-income housing tax credits is reduced from three years to two years.
- Beginning in 2012, prohibits the Department of Economic Development from approving more than eighty million dollars in historic preservation tax credits increased by the amount of any revisions of approved applications for tax such credits. Projects which would receive less than two hundred seventy-five thousand dollars in tax credits will be subject to a ten million dollar fiscal year cap.
- Prohibits the authorization of more than forty million dollars in Brownfield remediation tax credits in each fiscal year for FY 2012 – FY 2015. Beginning in FY 2016, no more than thirty-five million dollars in Brownfield remediation tax credits may be authorized in each fiscal year.
- Prohibits re-authorization of tax credits under the Low-Income Housing Tax Credit, Historic Preservation Tax Credit and Brownfield Remediation Tax Credit programs after August 28, 2018.
To read more about the legislation, click here.
