Preserving our state’s history and culture is vital to growing the economy and attracting talent. This program incentivizes developers to maintain the integrity of our historic buildings, giving them new life.
Any taxpayer is eligible to participate in this program. Not-for-profit entities and government entities are ineligible. Any participation by not-for-profit entities, including but not limited to ownership interest, capital contributions, distribution of tax credits, incurrence or payment of rehabilitation expenses, lease to a tax-exempt entity, may result in the reduction of tax credits.
The provisions of preliminary application and guidelines and final application and guidelines are effective on all incoming preliminary applications received by DED on the date the accompanying administrative rules, 4 CSR 85-5.020-.030, become effective - February 28, 2009.
Effective May 1, 2007, for all final cost certifications submitted, DED will require that any state qualified rehabilitation expenditures incurred by or on behalf of the project owner due to transactions with related parties be examined by the CPA in the cost certification. The project owner is considered related to the party providing project goods or services under the following circumstances: (1) the project owner has a financial interest in the other party (i.e., general contractor, subcontractor, vendor, etc.); (2) one or more of the officers, directors, stockholders, or partners of the project owner is also an officer, director, stockholder, or partner of the other party; (3) an officer, director, stockholder, or partner of the project owner has a financial interest in the other party or has controlling interest in the management or operation of the other party; (4) the project owner receives a fund advance from the other party; or (5) the project owner grants the other party stock or an ownership interest in the project owner as full or partial payment of the project owner's obligation to the other party.
Effective December 1, 2016 payments made by gift cards will be disallowed.
The FY19 HTC cap has been exhausted.
In the event that the department of economic development grants approval for tax credits equal to the total amount available under subsection 2 of section 253.550, or sufficient that when totaled with all other approvals, the amount available under subsection 2 of section 253.550 is exhausted, all taxpayers with applications then awaiting approval or thereafter submitted for approval shall be notified by the department of economic development that no additional approvals shall be granted during the fiscal year and shall be notified of the priority given to such taxpayer's application then awaiting approval. Such applications shall be kept on file by the department of economic development and shall be considered for approval for tax credits in the order established in section 253.559 in the event that additional credits become available due to the rescission of approvals or when a new fiscal year's allocation of credits becomes available for approval.
Any application submitted to DED for consideration for the FY20 program cap will be subject to the new laws in effect on August 28, 2018. DED reserves the right to request additional applicant information necessary to conform with the new requirement and to evaluate that additional information prior to any authorization.