MO HB158

Adds a new "disaster area" definition to tax increment financing law for areas declared eligible for federal public and individual assistance under the Robert T. Stafford Act, provided the municipality adopts a redevelopment plan within three years of the Presidential declaration.

Establishes a new Missouri Supplemental Disaster Recovery Fund allowing appropriation of up to 50% of state disaster recovery revenues (sales tax and income tax withholding increases) to municipalities with redevelopment projects in disaster areas, with annual cap of $5 million and maximum 23-year duration.

Allows taxing districts' operating costs and debt service costs (in addition to capital costs) to be included as eligible redevelopment project costs when a majority of redevelopment area property is located in a disaster area.

Creates new funding mechanisms and application requirements for disaster area redevelopment projects, including detailed reporting on project costs, employment, wages, and fiscal impact on Missouri.

Modifies the Missouri Museum and Cultural District Act to allow creation of districts where a majority of property is located in a disaster area and adds "cultural assets" (performing arts, theaters, public libraries) to the definition of eligible projects; reduces board size from eight to five members and expands funding and contracting options.