MO SB32

Repeals and reenacts sections 135.352, 143.011, 253.550, 253.557, and 253.559 to modify Missouri's low-income housing and historic property rehabilitation tax credit programs.

Establishes declining annual caps on tax credit authorizations: $110 million (2014-2015), $97 million (2015-2016), $84 million (2016-2017), and $70 million (2017 onward) for projects not financed through tax-exempt bonds; caps decline from $15 million to zero by June 30, 2017 for tax-exempt bond financed projects.

Adds requirement that beginning January 1, 2016, the Director of Revenue shall examine revenue increases from reduced tax credit redemptions and reduce individual income tax rates accordingly, effective January 1, 2017, on an annual basis unless the reduction would be less than one one-hundredth of one percent.

Eliminates eligibility for taxpayers receiving credits under sections 253.545-253.559 from also receiving credits under sections 135.350-135.363 for the same non-tax-exempt bond financed project.

Terminates authorization of all tax credits under both programs effective August 28, 2019, but allows issuance and redemption of credits authorized prior to that date.