MO HB962

Creates a tax credit equal to 20 percent of eligible renovation costs for individuals who own and live in multi-family rental properties with at least two or more units, effective for taxable years beginning January 1, 2012.

Limits the tax credit to a maximum of $2,500 per taxpayer per year, with eligible costs including materials and labor for cabinets, carpentry, flooring, electrical work, plumbing, roofing, windows, and similar renovation items.

Allows unused tax credits to be carried forward for up to three subsequent taxable years if they exceed the taxpayer's annual state tax liability, but prohibits refunds or transfers of unused credits.

Caps total tax credits issued statewide at $5 million per fiscal year, distributed on a first-come, first-served basis.

Authorizes the program to sunset on December 31 six years after enactment unless reauthorized by the legislature, with a subsequent sunset 12 years after reauthorization.