MO HB863

Creates a 20% tax credit for renovation costs on owner-occupied rental properties (2+ units), capped at $2,500 per taxpayer, effective for tax years beginning January 1, 2016

Eligible costs include materials and labor for cabinets, carpeting, electrical work, plumbing, roofing, HVAC, windows, painting, drywall, and other specified improvements

Taxpayer must own a multi-family dwelling operated as rental property and live in one of the units

Credits are non-refundable and non-transferable, with unused portions carried forward up to three years; aggregate annual cap of $5 million issued on first-come, first-served basis

Program automatically sunsets six years after effective date unless reauthorized by the General Assembly