MO SB783

Repeals and reenacts section 99.1205 to establish the "Distressed Areas Land Assemblage Tax Credit Act" for redevelopers of distressed urban renewal and redevelopment areas in Missouri.

Increases the annual tax credit limitation 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.

Provides tax credits equal to 50% of acquisition costs, 100% of demolition costs, and 100% of interest costs incurred after parcel acquisition, which can be carried forward for up to 6 years if they exceed annual tax liability.

Changes application filing frequency from annual to quarterly basis and removes the 5-year maintenance cost limitation period for eligible parcels.

Allocates 50% of the annual $30 million credit cap to large-scale redevelopment areas (300+ acres, 80+ parcels, 1+ million square feet commercial space) with provisions to redistribute unused credits between project categories.