MO SB922

Repeals and reenacts sections 135.350, 135.352, 253.550, 253.557, and 253.559 relating to Missouri low-income housing and historic property rehabilitation tax credits.

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

Sets an $80 million annual cap on historic property rehabilitation tax credits beginning July 1, 2014, with a separate $10 million cap for 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 rehabilitation credits under sections 253.545-253.559 for the same project unless financed through tax-exempt bonds.

Requires the Department of Economic Development to propose rules implementing the historic rehabilitation credit provisions by January 1, 2015, through a stakeholder process.