MO HB1980

Creates a tax credit equal to 20% of renovation costs for individuals who own and renovate multi-family rental properties with at least 2 units and live in one of the units, capped at $2,500 per taxpayer per year.

Tax credit applies to taxable years beginning January 1, 2011 or later, and cannot exceed the taxpayer's state tax liability; unused credits may be carried forward up to 3 subsequent years.

Aggregate tax credits issued in any fiscal year cannot exceed $5 million, with credits distributed on a first-come, first-served basis.

Credits are non-transferable and non-refundable, and the Department of Revenue may promulgate rules to implement the program.

Program automatically sunsets December 31, six years after the effective date unless reauthorized by the General Assembly, with a secondary sunset 12 years after reauthorization.