MO SB74

Adds "disaster area" as a qualifying category for tax increment financing (TIF) redevelopment, allowing municipalities in federally-declared disaster areas to adopt TIF within three years of the Presidential declaration if they approve a redevelopment plan.

Establishes the Missouri Supplemental Disaster Recovery Fund effective December 1, 2012, to provide up to 50% of state disaster recovery revenues (sales tax and income tax increases) to municipalities with approved disaster area redevelopment plans for up to 23 years.

Modifies museum and cultural district provisions to allow creation in disaster areas, extends petition filing deadlines from December 31, 1998 to five years after the Presidential disaster declaration, and reduces the board from eight members to five elected by property owners.

Requires municipalities receiving state disaster recovery revenues to ensure 100% of payments in lieu of taxes and 50% of economic activity taxes are used for eligible redevelopment project costs while TIF remains in effect.

Declares the act an emergency measure due to recent natural disasters, making it effective upon passage and approval to provide immediate tax relief.