MO SB258

Provides a tax credit equal to 25% of rehabilitation costs for certified historic structures or structures in certified historic districts, applied against Missouri income and corporate taxes.

Sets annual approval caps for tax credit applications: $70 million for January 1-June 30, 2010; $140 million for July 1, 2010-June 30, 2012; and $75 million for each fiscal year beginning July 1, 2012, with exemptions for smaller projects under $275,000.

Limits tax credits for owner-occupied residential properties to $250,000 (January 2010-June 2012) and $50,000 (July 2012 onward), with the latter excluding properties with purchase prices exceeding $150,000.

Requires rehabilitation to exceed 50% of property basis and meet U.S. Department of Interior standards as determined by Missouri's state historic preservation officer.

Allows taxpayers to carry back unused credits three years and forward for ten years, permits credit transfers and assignments, and requires rehabilitation commencement within two years with at least 10% of estimated costs incurred.