SB 577 Summary

• Prohibits authorization of new tax credits under multiple economic development programs after August 28, 2014, including enterprise zone credits, distressed community credits, beef tax credits, film production credits, and manufacturing jobs credits, while allowing existing approved credits to be redeemed.

• Modifies low-income housing tax credit program by establishing tiered annual caps ranging from $110 million (FY 2014-2015) down to $27.5 million (FY 2017+) for non-bond-financed projects, with separate smaller caps for tax-exempt bond-financed projects.

• Restricts historic structures rehabilitation tax credits by reducing annual authorization caps from $140 million (FY 2010-2014) down to $20 million (FY 2017+), capping residential property credits at $125,000 per project, and limiting carryforward periods from 10 years to 5 years for credits authorized after August 28, 2014.

• Prevents taxpayers from claiming both low-income housing credits under sections 135.350-135.363 and historic preservation credits under sections 253.545-253.559 for the same project unless financed through tax-exempt bonds.

• Repeals the charcoal producer tax credit program (section 135.313) entirely, effective immediately.