MO HB905

Adds "Department of Economic Development" to the defined terms in the historic structures rehabilitation tax credit statute and establishes a new definition for "total costs and expenses of rehabilitation" that includes qualified rehabilitation expenditures under the Internal Revenue Code.

Allows taxpayers to incur qualifying rehabilitation expenses at their own risk beginning one year before submission of a preliminary application or at the commencement of construction, whichever is earlier, and receive tax credits for all qualifying expenses if the project ultimately receives final approval.

Establishes a two-tier application process requiring both preliminary and final applications for most projects, with certain smaller projects exempt from the preliminary application requirement.

Creates an independent appeals process allowing taxpayers to appeal any official decisions regarding applications to a third-party appeals officer designated by the Department of Economic Development within 30 days of receiving the decision.

Authorizes the Department of Economic Development to charge a fee of not more than one percent of estimated rehabilitation costs for preliminary applications to fund administration of the tax credit program.