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MO HB1429
Bill
Status
Introduced
1/19/2012
Primary Sponsor
Michele Kratky
Click for details
AI Summary
- Establishes a tax credit equal to 20% of eligible renovation costs for owners of multi-family rental properties (2+ units) who live in one of the renovated units, capped at $2,500 per taxpayer per year
- Eligible costs include materials and labor for cabinets, carpentry, carpeting, tile, concrete, drywall, electrical work, roofing, plumbing, windows, flooring, and similar renovation items
- Credits may be carried forward for up to 3 subsequent tax years if they exceed the taxpayer's current year state tax liability, but are not refundable or transferable
- Limits total credits issued statewide to $5 million per fiscal year, distributed on a first-come, first-served basis beginning January 1, 2013
- Program automatically sunsets December 31, 6 years after the effective date unless reauthorized by the general assembly, with additional 6-year sunset if reauthorized
Legislative Description
Authorizes an income tax credit for certain costs incurred in the renovation of a taxpayer's rented dwelling or residence
Last Action
Referred: Economic Development (H)
3/21/2012
Committee Referrals
Economic Development3/21/2012
Full Bill Text
No bill text available