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Missouri Governor Signs HTC Reduction Bill into Law

Monday, July 9, 2018 - 11:00AM

Missouri Gov. Mike Parson signed into law S.B. 773 to reduce the annual aggregate cap of state historic tax credits (HTCs) from $140 million to $90 million for each fiscal year commencing with the effective date of the statute, Aug. 28, 2018. An additional $30 million in state HTCs above the $90 million cap may be authorized for projects in a qualified census tract. Projects approved for HTCs and those that have applied for HTCs and that meet certain requirements before Oct. 1, 2018, are exempt from the cap. The law requires the Department of Economic Development to consider additional factors in determining whether to award HTCs to a development, including its net fiscal benefit, size and quality. The law also shortens the commence-rehabilitation requirement to within nine months of the date of approval for tax credits, rather than two years.

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