MO SB1668

Creates the "Innovation District Program" allowing Missouri cities to voluntarily designate geographic areas overlaying historic downtowns, central business districts, or main street districts to qualify for state economic development incentives including Missouri income tax exemptions, opportunity zones, office-to-residential tax credits, and property tax abatements

Establishes an "Office-to-Residential Conversion Tax Credit" of up to 25-30% of qualified conversion expenditures for converting vacant office buildings at least 25 years old to residential use, capped at $50 million annually with 50% reserved for buildings over 750,000 square feet

Creates a "Rural Missouri Development Fund" requiring contributing communities (those with innovation districts and among the top 5% of assessed valuation statewide) to contribute 10% of net new property tax revenues to support rural economic development, infrastructure, housing, and workforce development

Provides income tax exemptions for qualified new residents who move to Missouri and establish primary residence within an innovation district, plus employer withholding incentives of up to 3% of aggregate wages for businesses maintaining jobs and making qualifying reinvestment expenditures

Establishes "Missouri Opportunity Zones" allowing taxpayers to defer Missouri income tax by investing in qualified opportunity zone investments, with gains excluded after a 10-year holding period; requires 45-day approval timelines with automatic approval if deadlines are missed