SB 740 Summary

• Repeals and replaces provisions governing Missouri low-income housing tax credits and historic preservation tax credits under RSMo sections 135.350, 135.352, 253.550, 253.557, and 253.559.

• Establishes a $100 million annual cap on low-income housing tax credit authorizations for projects not financed through tax-exempt bonds and a $10 million cap for projects financed through tax-exempt bonds, effective July 1, 2014.

• Sets an $80 million aggregate cap on historic preservation tax credits for fiscal years beginning July 1, 2014, with a separate $10 million cap for small projects receiving less than $275,000 in credits.

• Prohibits 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.

• Requires the Department of Economic Development to conduct a stakeholder process and propose implementation rules by January 1, 2015, with provisions subject to legislative review under Chapter 536.