MO SB257

Repeals and reenacts section 135.352, RSMo, to modify the Missouri low-income housing tax credit program for qualified projects.

Changes the tax credit period from a federal tax period to a five-year tax period for projects placed in service after January 1, 2012.

Caps annual tax credits at $16 million statewide beginning January 1, 2012, with priority given to taxpayers who have not received credits within the preceding five years.

Eliminates authorization of tax credits for projects financed through tax-exempt bond issuance after January 1, 2012 (capped at $6 million per fiscal year until that date).

Prohibits taxpayers receiving credits under sections 253.545 to 253.559 from receiving credits under sections 135.350 to 135.363 for the same project.