Missouri Legislation Would Add Higher-Percentage HTC for Heritage Facilities, Smaller Counties

Thursday, March 3, 2022 - 9:45AM

Legislation in the Missouri House of Representatives would modify the state historic tax credit (HTC) to increase the tax credit percentage for certain properties. H.B. 2815 would provide an HTC of 50% of qualified rehabilitation expenditures (QREs), with a project cap of $500,000, for the rehabilitation of an essential community or heritage facility and a 35% credit for property in counties with population of less than 1 million residents (except for counties between 700,000 and 800,000 residents). The Missouri HTC is otherwise for 25% of QREs. The legislation would reserve up to $5 million for the essential community or heritage facility for the fiscal year July 1, 2022-June 30, 2023, with an increase of $1 million annually up to a maximum of $10 million. The bill would also make changes to non-income-producing single-family residential property provisions for the HTC.

The Novogradac Historic Rehabilitation Handbook provides an overview of the HTC and the intricacies of the incentive.

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