Missouri Senate

Introduced

This provision is similar to a provision contained in SCS/SB 6 (2017) and SB 1112 (2016).

This act also modifies the Historic Preservation Tax Credit by making the credit discretionary rather than an entitlement, and by requiring DED to consider additional factors prior to determining whether a credit shall be awarded, including the projected net fiscal benefit of the project, the overall size and quality of the project, and the level of economic distress in the area. DED shall have the ability to disapprove an application for a tax credit based on these factors. (Section 253.559)

If the DED determines that an application shall be awarded a tax credit, the credit shall be the least amount to cause the project to occur, not to exceed twenty-five percent of eligible costs. (Section 253.559)

For all fiscal years beginning on or after July 1, 2018, residential structures shall not be eligible to receive tax credits under this program. (Section 253.545 and 253.550)

The DED may charge a fee in an amount not to exceed one percent of any tax credit issued to a recipient for the rehabilitation of historic structures. Any revenues generated by such a fee shall be deposited in the Capitol Complex Fund, which is created by this act. (Section 620.3200)

CAPITOL COMPLEX TAX CREDIT ACT - This act creates the Capitol Complex Tax Credit Act.

The Capitol Complex Fund, which is created by this act, shall be authorized to receive any eligible monetary donation, as defined in the act, and shall be segregated into two accounts: a rehabilitation and renovation account, and a maintenance account. Ninety percent of the revenues deposited into the fund shall be placed in the rehabilitation and renovation account and seven and one-half percent of revenues deposited in the fund shall be placed in the maintenance account. The remaining two and one-half percent of the funds may be used for the purposes of fundraising, advertising, and administrative costs.

The choice of projects for which money is to be used, as well as the determination of the methods of carrying out the project and the procurement of goods and services, shall be made by the Commissioner of Administration. No moneys shall be released from the fund for any expense without the approval of the Commissioner of Administration.

For all taxable years beginning on or after January 1, 2018, any qualified donor, as defined in the act, shall be allowed a tax credit equal to fifty percent of the monetary donation amount. Any amount of tax credit that exceeds the qualified donor's state income tax liability shall not be refunded but may be carried forward for the following four years.

For all taxable years beginning on or after January 1, 2018, a qualified donor shall be allowed a tax credit equal to thirty percent of the value of an eligible artifact donation, as defined in the act. Any amount of tax credit that exceeds the donor's tax liability shall not be refunded for artifacts, but the credit may be carried forward for four subsequent years.

The DED shall not issue tax credits under this act in excess of $5 million per year in the aggregate. Donations received in excess of the cap shall be placed in line for tax credits the following year. Alternatively a donor may donate without receiving the credit or may request that their donation is returned.

Tax credits issued for donations under this act are not subject to any fee. Tax credits may be assigned, transferred, sold, or otherwise conveyed.

This act shall sunset six years after August 28, 2018, unless reauthorized by the General Assembly. (Section 620.3210)

This provision is substantially similar to a provision contained in SCS/SB 6 (2017) and SB 1112 (2016).

PUBLIC BUILDINGS PRESERVATION TAX CREDIT ACT - This act creates the Public Buildings Preservation Tax Credit.

For all tax years beginning on or after January 1, 2018, a taxpayer shall receive a tax credit for an eligible monetary donation, as defined in the act, to a public entity for the purpose of restoring, renovating, improving, or maintaining one or more buildings owned by the public entity. A public entity is defined as the state of Missouri, or any city, county, township, village, town, or municipal corporation in this state.

A public entity receiving a donation shall establish a fund to receive such donations, and shall use moneys in the fund exclusively for the restoration, renovation, improvement, or maintenance of one or more buildings owned by the public entity.

The DED shall not issue tax credits for donations under this act in excess of $5 million per year in the aggregate. Donations received in excess of the cap shall be placed in line for tax credits the following year. Alternatively a donor may donate without receiving the credit or may request that their donation is returned.

Tax credits issued for donations under this act are not subject to any fee. Tax credits issued under this act shall not be refundable but may be carried forward to any of the four subsequent tax years. Tax credits may be assigned, transferred, sold, or otherwise conveyed.

This act shall sunset six years after August 28, 2018, unless reauthorized by the General Assembly. (Section 620.3220)

This act contains an emergency clause.

JOSHUA NORBERG