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SS#2/SCS/SB 590 - This act modifies several provisions relating to historic buildings. Currently, the Department of Economic Development (DED) shall not approve tax credits for the rehabilitation of historic structures which, in the aggregate, exceed $140 million, increased by any amount of tax credits for which approval shall be rescinded for any reason. For each fiscal year beginning on or after July 1, 2018, the act reduces the aggregate cap to $70 million. (Section 253.550) 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 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, the level of economic distress in the area, and input from the local municipality as to the importance of the project to the municipality. An applicant shall also show proof of the necessary financing to complete the project. (Section 253.559) This act requires that a taxpayer receiving approval for tax credits shall commence rehabilitation within nine months, rather than two years, of the date of approval. (Section 253.559.7) This act contains an emergency clause. JOSHUA NORBERG
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