SB 871 - This act allows taxpayers to claim a tax credit for the cost of lead abatement. Taxpayers over the poverty level may claim 50% of their expenses, while those in census tracts under the poverty level may claim a 100% credit. The maximum amount the taxpayer can claim in any given year is $50,000. Any tax credit cannot be claimed in the year the abatement expenses were incurred may be carried over to the next four succeeding years. The tax credit will be administered by the Missouri Housing Development Commission (MHDC). A taxpayer wishing to claim the credit shall submit an application to the MHDC along with a letter of compliance issued by a licensed inspector showing that the taxpayer has complied with the lead abatement law of Sections 701.300 to 701.338, RSMo. The maximum amount of tax credits that may be claimed in any fiscal year is $100,000,000. The tax credit becomes effective January 1, 2002.
OTTO FAJEN