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MO SB390
Bill
Status
2/3/2015
Primary Sponsor
Shalonn Curls
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AI Summary
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First-time home buyers purchasing blighted properties may claim a $5,000 tax credit against Missouri income tax
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Eligible buyers must have no ownership interest in a principal residence during the prior three years and have income at or below levels specified in section 32.105
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Properties must have been vacant for at least six months, be determined dangerous/uninhabitable or have outstanding code violations, and qualify for tax abatement under section 99.700
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Purchasers must agree to use the property as their principal residence for at least two years following rehabilitation
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The credit is non-refundable and non-assignable, but may be carried back three years or forward five years; the Department of Revenue may recapture the credit within four years if residency requirements are breached
Legislative Description
Creates a new tax credit for first time purchasers of homes in a blighted area that will be used for owner-occupancy
Last Action
Second Read and Referred S Jobs, Economic Development and Local Government Committee
2/24/2015