SB 0282 Authorizes Neighborhood Preservation Pilot Project for St. Louis and St. Louis County
LR Number:L0831.04C Fiscal Note:0831-04
Committee:Financial and Governmental Organization
Last Action:05/14/99 - H Calendar S Bills for Third Reading w/HCS(In Fiscal) Journal page:
Title:HCS SCS SB 282
Effective Date:August 28, 1999
Full Bill Text | All Actions | Available Summaries | Senate Home Page | List of 1999 Senate Bills
Current Bill Summary

HCS/SCS/SB 282 - This act, part of which is designated at the "Rebuilding Communities and Neighborhood Preservation Act", authorizes state tax credits for certain residential rehabilitation and construction costs. Taxpayers who meet certain requirements are eligible for a state tax credit of 15% of the eligible costs for a new residence. The credit is limited to no more than forty thousand dollars (or twenty-five thousand dollars, depending upon location) per residence for any ten-year period. Residential owners are eligible for a state tax credit of 25% of eligible costs for rehabilitation of an eligible residence or qualifying residence, if minimum costs exceed ten thousand dollars. A taxpayer who incurs eligible costs for substantial rehabilitation, in which the costs exceed fifty percent of the purchase price or cost basis of the residence prior to rehabilitation with a minimum limit of ten thousand dollars, is eligible for a state tax credit of 35% of those costs. This credit cannot exceed seventy thousand dollars per ten-year period. Credits cannot be taken for any rental property or for structures which are in violation of any municipal or county property, maintenance or zoning code.

The total amount of tax credits for any one year is limited to fifteen million dollars for all distressed communities and fifteen million dollars for other qualified areas which are not distressed communities. Credits may be carried back for three years or carried forward for five years and may be transferred, sold or assigned, with a notarized endorsement filed with the Department of Economic Development.

Taxpayers are required to submit applications for the tax credits to the Department of Economic Development. Qualified taxpayers then receive a certificate of tax credit from the Department.

The act extends the existing affordable housing tax credits authorized through the Neighborhood Assistance Program to market rate housing in distressed communities and increases the annual ceiling on tax credits in the Neighborhood Assistance Program from $28 million to $32 million. Up to thirty percent of the tax credits allowed through the Neighborhood Assistance Program may be used for market rate housing in distressed communities.

The act has an effective date of January 1, 2000. This act is similar to SCS/HS/HBs 246 and 405.