MO HB1723

Increases the annual tax credit cap from $20 million to $30 million, with a total aggregate cap of $95 million, and extends the authorization deadline from August 28, 2013 to August 28, 2016.

Adds a new category of eligible project areas: redevelopment areas of at least 300 acres containing 80+ parcels and over 1 million square feet of commercial building space located in low-income communities as defined by federal law.

Changes tax credit application filing from annual to quarterly basis and modifies pro rata distribution rules to allocate 50% of annual credits to the new redevelopment area category and 50% to other eligible project areas.

Increases tax credit for demolition costs from 50% to 100% of costs and clarifies that maintenance costs may be credited for up to five years after parcel acquisition.

Exempts eligible project areas qualified under the new redevelopment area category from the 75% redevelopment limit and co-redeveloper requirements, and requires the department to review employment outcomes for such projects by January 1, 2016.