HB 617 -- Community Improvement Tax Credits

Co-Sponsors:  Gambaro, Foley, Kennedy, Hilgemann

Under current law, of the $16 million in community improvement
tax credits allowed, $8 million are to be allocated for
"eligible residence" programs and $8 million for "qualifying
residence" programs.  This bill states that if, by October 1 of
the calendar year, the Director of Economic Development has
issued all $8 million of the credits allowed for one of these
programs and not the entire $8 million allowance for the other
program, the director is required to reallocate 70% of any
unused tax credits from the program which has not reached its $8
million cap to the one which has.  The reallocated credits will
be given to taxpayers who have applied for, but have not
received, tax credits in that same year and who are engaged in
projects in the area where the tax credit cap has been met for
that same year.  The maximum reallocated tax credit for any
project may not exceed $560,000.

Missouri House of Representatives
Last Updated September 13, 2001 at 2:03 pm