Tax credits, qualified persons or entities, maximum amount,limitations--exceptions.
253.550. 1. Any taxpayer incurring costs and expenses for therehabilitation of eligible property, which is a certified historicstructure or structure in a certified historic district, may, subject tothe provisions of this section and section 253.559, receive a creditagainst the taxes imposed pursuant to chapters 143 and 148, RSMo, exceptfor sections 143.191 to 143.265, RSMo, on such taxpayer in an amount equalto twenty-five percent of the total costs and expenses of rehabilitationincurred after January 1, 1998, which shall include, but not be limited to,qualified rehabilitation expenditures as defined under section 47(c)(2)(A)of the Internal Revenue Code of 1986, as amended, and the relatedregulations thereunder, provided the rehabilitation costs associated withrehabilitation and the expenses exceed fifty percent of the total basis inthe property and the rehabilitation meets standards consistent with thestandards of the Secretary of the United States Department of the Interiorfor rehabilitation as determined by the state historic preservation officerof the Missouri department of natural resources.
2. During the period beginning on January 1, 2010, but ending on orafter June 30, 2010, the department of economic development shall notapprove applications for tax credits under the provisions of subsections 3and 8 of section 253.559 which, in the aggregate, exceed seventy milliondollars, increased by any amount of tax credits for which approval shall berescinded under the provisions of section 253.559. For each fiscal yearbeginning on or after July 1, 2010, the department of economic developmentshall not approve applications for tax credits under the provisions ofsubsections 3 and 8 of section 253.559 which, in the aggregate, exceed onehundred forty million dollars, increased by any amount of tax credits forwhich approval shall be rescinded under the provisions of section 253.559.The limitations provided under this subsection shall not apply toapplications approved under the provisions of subsection 3 of section253.559 for projects to receive less than two hundred seventy-five thousanddollars in tax credits.
3. For all applications for tax credits approved on or after January1, 2010, no more than two hundred fifty thousand dollars in tax credits maybe issued for eligible costs and expenses incurred in the rehabilitation ofan eligible property which is a nonincome producing single-family,owner-occupied residential property and is either a certified historicstructure or a structure in a certified historic district.
4. The limitations on tax credit authorization provided under theprovisions of subsections 2 and 3 of this section shall not apply to:
(1) Any application submitted by a taxpayer, which has receivedapproval from the department prior to January 1, 2010; or
(2) Any taxpayer applying for tax credits, provided under thissection, which, on or before January 1, 2010, has filed an application withthe department evidencing that such taxpayer:
(a) Has incurred costs and expenses for an eligible property whichexceed the lesser of five percent of the total project costs or one milliondollars and received an approved Part I from the Secretary of the UnitedStates Department of Interior; or
(b) Has received certification, by the state historic preservationofficer, that the rehabilitation plan meets the standards consistent withthe standards of the Secretary of the United States Department of theInterior, and the rehabilitation costs and expenses associated with suchrehabilitation shall exceed fifty percent of the total basis in theproperty.
Tax credits, qualified persons or entities, maximum amount,limitations--exceptions.
253.550. 1. Any taxpayer incurring costs and expenses for therehabilitation of eligible property, which is a certified historicstructure or structure in a certified historic district, may, subject tothe provisions of this section and section 253.559, receive a creditagainst the taxes imposed pursuant to chapters 143 and 148, RSMo, exceptfor sections 143.191 to 143.265, RSMo, on such taxpayer in an amount equalto twenty-five percent of the total costs and expenses of rehabilitationincurred after January 1, 1998, which shall include, but not be limited to,qualified rehabilitation expenditures as defined under section 47(c)(2)(A)of the Internal Revenue Code of 1986, as amended, and the relatedregulations thereunder, provided the rehabilitation costs associated withrehabilitation and the expenses exceed fifty percent of the total basis inthe property and the rehabilitation meets standards consistent with thestandards of the Secretary of the United States Department of the Interiorfor rehabilitation as determined by the state historic preservation officerof the Missouri department of natural resources.
2. During the period beginning on January 1, 2010, but ending on orafter June 30, 2010, the department of economic development shall notapprove applications for tax credits under the provisions of subsections 3and 8 of section 253.559 which, in the aggregate, exceed seventy milliondollars, increased by any amount of tax credits for which approval shall berescinded under the provisions of section 253.559. For each fiscal yearbeginning on or after July 1, 2010, the department of economic developmentshall not approve applications for tax credits under the provisions ofsubsections 3 and 8 of section 253.559 which, in the aggregate, exceed onehundred forty million dollars, increased by any amount of tax credits forwhich approval shall be rescinded under the provisions of section 253.559.The limitations provided under this subsection shall not apply toapplications approved under the provisions of subsection 3 of section253.559 for projects to receive less than two hundred seventy-five thousanddollars in tax credits.
3. For all applications for tax credits approved on or after January1, 2010, no more than two hundred fifty thousand dollars in tax credits maybe issued for eligible costs and expenses incurred in the rehabilitation ofan eligible property which is a nonincome producing single-family,owner-occupied residential property and is either a certified historicstructure or a structure in a certified historic district.
4. The limitations on tax credit authorization provided under theprovisions of subsections 2 and 3 of this section shall not apply to:
(1) Any application submitted by a taxpayer, which has receivedapproval from the department prior to January 1, 2010; or
(2) Any taxpayer applying for tax credits, provided under thissection, which, on or before January 1, 2010, has filed an application withthe department evidencing that such taxpayer:
(a) Has incurred costs and expenses for an eligible property whichexceed the lesser of five percent of the total project costs or one milliondollars and received an approved Part I from the Secretary of the UnitedStates Department of Interior; or
(b) Has received certification, by the state historic preservationofficer, that the rehabilitation plan meets the standards consistent withthe standards of the Secretary of the United States Department of theInterior, and the rehabilitation costs and expenses associated with suchrehabilitation shall exceed fifty percent of the total basis in theproperty.
Tax credits, qualified persons or entities, maximum amount,limitations--exceptions.
253.550. 1. Any taxpayer incurring costs and expenses for therehabilitation of eligible property, which is a certified historicstructure or structure in a certified historic district, may, subject tothe provisions of this section and section 253.559, receive a creditagainst the taxes imposed pursuant to chapters 143 and 148, RSMo, exceptfor sections 143.191 to 143.265, RSMo, on such taxpayer in an amount equalto twenty-five percent of the total costs and expenses of rehabilitationincurred after January 1, 1998, which shall include, but not be limited to,qualified rehabilitation expenditures as defined under section 47(c)(2)(A)of the Internal Revenue Code of 1986, as amended, and the relatedregulations thereunder, provided the rehabilitation costs associated withrehabilitation and the expenses exceed fifty percent of the total basis inthe property and the rehabilitation meets standards consistent with thestandards of the Secretary of the United States Department of the Interiorfor rehabilitation as determined by the state historic preservation officerof the Missouri department of natural resources.
2. During the period beginning on January 1, 2010, but ending on orafter June 30, 2010, the department of economic development shall notapprove applications for tax credits under the provisions of subsections 3and 8 of section 253.559 which, in the aggregate, exceed seventy milliondollars, increased by any amount of tax credits for which approval shall berescinded under the provisions of section 253.559. For each fiscal yearbeginning on or after July 1, 2010, the department of economic developmentshall not approve applications for tax credits under the provisions ofsubsections 3 and 8 of section 253.559 which, in the aggregate, exceed onehundred forty million dollars, increased by any amount of tax credits forwhich approval shall be rescinded under the provisions of section 253.559.The limitations provided under this subsection shall not apply toapplications approved under the provisions of subsection 3 of section253.559 for projects to receive less than two hundred seventy-five thousanddollars in tax credits.
3. For all applications for tax credits approved on or after January1, 2010, no more than two hundred fifty thousand dollars in tax credits maybe issued for eligible costs and expenses incurred in the rehabilitation ofan eligible property which is a nonincome producing single-family,owner-occupied residential property and is either a certified historicstructure or a structure in a certified historic district.
4. The limitations on tax credit authorization provided under theprovisions of subsections 2 and 3 of this section shall not apply to:
(1) Any application submitted by a taxpayer, which has receivedapproval from the department prior to January 1, 2010; or
(2) Any taxpayer applying for tax credits, provided under thissection, which, on or before January 1, 2010, has filed an application withthe department evidencing that such taxpayer:
(a) Has incurred costs and expenses for an eligible property whichexceed the lesser of five percent of the total project costs or one milliondollars and received an approved Part I from the Secretary of the UnitedStates Department of Interior; or
(b) Has received certification, by the state historic preservationofficer, that the rehabilitation plan meets the standards consistent withthe standards of the Secretary of the United States Department of theInterior, and the rehabilitation costs and expenses associated with suchrehabilitation shall exceed fifty percent of the total basis in theproperty.
