MO HB393

Allows individual taxpayers who own and live in at least one unit of a multi-family rental property (2+ units) to claim a tax credit equal to 20% of eligible renovation costs, capped at $2,500 per taxpayer per year.

Eligible costs include materials and labor for cabinets, carpentry, carpeting, ceramic tile, concrete, countertops, drywall, electrical work, siding, insulation, masonry, painting, plaster, plumbing, roofing, tuckpointing, waterproofing, windows, and wood flooring.

Tax credits cannot exceed the taxpayer's state income tax liability for the year claimed; unused credits may be carried forward for up to three subsequent years but are not refundable and cannot be transferred or sold.

Aggregate tax credits issued statewide are limited to $5 million per fiscal year, distributed on a first-come, first-served basis beginning January 1, 2014.

Program automatically sunsets December 31, six years after the effective date unless reauthorized; if reauthorized, sunsets December 31, twelve years after reauthorization.