Historic property owners would qualify for specified tax credits

Taxpayers would be allowed to claim a state tax credit equal to 25% of eligible rehabilitation costs, or 35% for qualifying-county projects that meet the listed requirements. The credit applies to Missouri residential or business properties that are certified historic structures or are in certified historic districts. The 35% rate applies to certified historic structures in qualifying counties. Eligible rehabilitation costs must exceed 50% of the property's total basis. The rehabilitation must meet the federal Secretary of the Interior's rehabilitation standards. The credit does not apply to withholding taxes. The department must approve the taxpayer's application, and the project must meet the other requirements in sections 253.544 to 253.559. The 25% credit covers eligible costs incurred after January 1, 1998. The 35% credit covers eligible costs incurred on or after July 1, 2024.

Taxpayers with approved applications would have to start physical rehabilitation and spend at least 10% of estimated rehabilitation costs within 24 months of approval. The rule covers taxpayers whose applications receive approval on or after the act's effective date. It also requires notice within 10 days after losing site control or failing to exercise an option to obtain it. The work must match the architectural plans submitted with the application. The department may rescind approval if the taxpayer loses site control or otherwise fails to meet the application requirements. A taxpayer whose approval is rescinded or voluntarily forfeited may submit a new application. The 24-month period begins on the date of the department's approval letter. The 10-day notice period begins when site control is lost or an option is not exercised.

The department would issue tax-credit certificates in stages after final approval, and applicants could appeal department or preservation-office decisions. The rules cover approved rehabilitation projects and applicants appealing preliminary or final approvals, denials, credit amounts, or other official decisions. Final credits depend on the property being listed on the National Register of Historic Places. The department would issue 75% of the eligible credit after receiving the required final-approval materials, then determine the remaining amount within 120 days unless the project is under appeal. An appeal must be filed in writing within 30 days after the applicant receives the decision. An appellant would be entitled to one meeting with the appeals officer or review panel. The department would issue the initial certificates within 75 days after receiving all required final-approval materials. It would issue any remaining amount within 120 days. Appeals would receive a written decision no later than 90 days after the appeal is received.