SB 647 - This act modifies the amount of historic preservation tax credits that the Department of Economic Development is permitted to authorize each fiscal year, beginning with fiscal year 2014, and requires that funds be transferred from general revenue to a new fund, the Capitol Complex Revitalization Fund, based on the estimated amount of additional state tax revenues collected due to the changes to the historic preservation tax credit program, until the fund has received a total of fifty million dollars.
Under current law, the Department of Economic Development is prohibited from issuing more than one hundred forty million dollars in historic preservation tax credits in any fiscal year for projects which will receive more than two hundred and seventy-five thousand dollars in tax credits. Beginning fiscal year 2014, and each fiscal year thereafter until the Capitol Complex Revitalization Fund has received a total of fifty million dollars, this act would prohibit the Department of Economic Development from approving more than fifty million dollars in historic preservation tax credits increased by the amount of any recisions of approved applications for tax such credits.
Applicants for projects that, as August 28, 2012, have: received approval from the Department of Economic Development; incurred certain levels of expenses; or received certification from the state historical preservation officer will not be subject to the new limitations on tax credit issuance, but will be subject to the current law limitations on tax credit issuance.
Funds in the Capitol Complex Revitalization Fund are required to be used by the Division of Facilities Management, Design, and Construction to renovate and restore the facilities and grounds of the state capitol, the governor's mansion, the supreme court building, and to convert a building occupied by the Missouri Department of Transportation to an annex to the state capitol.