SB 721 - This act names the historic preservation tax credit the "Missouri Historic, Rural Revitalization, and Regulatory Streamlining Act". Current law authorizes a tax credit for rehabilitation expenses incurred for the rehabilitation of certain properties, and requires such rehabilitation to meet the standards as determined by the State Historic Preservation officer of the Missouri Department of Natural Resources. This act requires such rehabilitation to meet the standards determined by the Office of the Lieutenant Governor. Ten percent of such rehabilitation costs may be incurred for building stabilization prior to the submission of an application. The act authorizes a tax credit for the rehabilitation of property that is in a qualifying county equal to 35% of the total costs of rehabilitation incurred on or after July 1, 2023. A qualifying county shall be a county that is not within the city of Kansas City or the city of St. Louis. Ten percent of such costs may be incurred for building stabilization prior to the submission of an application. This act modifies the threshold at which tax credits do not count toward the aggregate limit on tax credits authorized from $275,000 to $300,000, and adjusts such number annually for inflation. Current law limits the aggregate amount of tax credits that are reserved for projects located in a qualified census tract to $30 million. This act adjusts such amount annually for inflation. Current law prohibits not-for-profit entities from receiving historic preservation tax credits. This act authorizes such entities to receive such tax credits. This act requires the Department of Economic Development to establish an application cycle that allows for the year-round submission and year-round receipt and review of such applications. Current law requires an application for tax credits to include proof that the property is an eligible property and a certified historic structure or a structure in a certified historic district. In lieu of such requirement, this act allows proof that part 1 of a federal application or a draft national register of historic places nomination has been submitted to the State Historic Preservation Office of the Office of the Lieutenant Governor. This act requires the Department, when evaluating an application, to consider the estimated number of housing units created by the project, the estimated number of construction and professional jobs associated with the project, capital improvements created by a project, and increased revenues from sales or property taxes. Vacant schools and theaters, as defined in the act, and projects receiving less than $300,000 in tax credits, as adjusted annually for inflation, are exempted from such requirements. The act requires the State Historic Preservation Office to allow for a third-party review as evidence that the proposed rehabilitation satisfies the required standards. The State Historic Preservation Office shall determine whether a rehabilitation satisfies the required standards within ninety days of the filing of an initial application for tax credits and, if approved, shall forward the application to the National Park Service within ninety days. If the scope of a project that has been approved materially changes, the taxpayer shall be eligible to receive additional tax credits in the year in which the Department is notified of and approves of such change in scope. Current law requires submission of evidence of the capacity of the applicant to finance rehabilitation costs and expenses within sixty days of approval. This act changes such requirement to one hundred twenty days. An applicant may appeal any official decision relating to the application submitted by the applicant, as described in the act. This act is identical to provisions in HCS/HB 316 (2023). JOSH NORBERG