MO SB531

Repeals and reenacts sections relating to Missouri low-income housing tax credits (section 135.352) and historic preservation tax credits (sections 253.550, 253.557, 253.559), along with modifications to income tax law (section 143.011).

Establishes declining caps on low-income housing tax credit authorizations: $6 million annually through June 30, 2013, then $110 million (FY 2014), $97 million (FY 2015), $84 million (FY 2016), and $70 million (FY 2017 forward) for projects not financed through tax-exempt bonds; separate declining caps for tax-exempt bond financed projects ending completely after June 30, 2016.

Requires the Director of Revenue beginning January 1, 2015, to annually examine revenue increases attributable to reduced redemption of sections 135.352 and 253.550 tax credits and adjust individual income tax rates downward accordingly, with adjustments effective January 1, 2016 forward.

Eliminates authorization of new tax credits under both low-income housing and historic preservation programs on or after August 28, 2018, while preserving taxpayers' ability to redeem credits authorized prior to that date.

Makes taxpayers receiving credits under historic preservation law (sections 253.545-253.559) ineligible to receive low-income housing credits (sections 135.350-135.363) for the same project unless financed through tax-exempt bonds.