MO HB2399

Establishes a statewide cap on new tax credits beginning July 1, 2010, set at 70% of the total tax credits redeemed in fiscal year 2009, with annual adjustments based on general revenue collection changes.

Exempts the senior citizens property tax credit and homestead preservation tax credit from the new authorization cap and allocation requirements.

Allocates capped tax credits among six purposes: business development (30%), redevelopment (25%), affordable housing (10%), public infrastructure (6%), community assistance (5%), and financial/insurance (4%).

Requires the Department of Economic Development to publish annual allocation plans by October 1st detailing proposed tax credit distributions, evaluation criteria, and economic impact methodology for public comment.

Authorizes tax credits up to specified percentages of eligible project costs (ranging from 35-50% depending on purpose) and permits credits to be carried forward up to five years, transferred, or made refundable subject to limits.

Declares the act an emergency measure effective upon passage and approval.