MO HB2706

Creates a state income tax credit equal to 20% of eligible renovation costs for owners of multifamily rental properties (2+ units) who live in one of the units, effective for tax years beginning January 1, 2016

Caps the credit at $2,500 per taxpayer, with unused credits non-refundable but eligible for carryforward up to three subsequent tax years

Limits total tax credits issued statewide to $5 million per fiscal year, distributed on a first-come, first-served basis

Eligible costs include materials and labor for cabinets, carpentry, carpeting, electrical work, HVAC, plumbing, roofing, windows, flooring, and similar renovation expenses

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