Land Assemblage Tax Credit Program (Missouri)
Last modified on February 12, 2015.
|Applies to States or Provinces||Missouri|
|Name||Land Assemblage Tax Credit Program (Missouri)|
|Policy Category||Financial Incentive|
|Policy Type||Personal Tax Incentives|
|Affected Technologies||Biomass/Biogas, Coal with CCS, Concentrating Solar Power, Energy Storage, Fuel Cells, Geothermal Electric, Hydroelectric, Hydroelectric (Small), Natural Gas, Nuclear, Solar Photovoltaics, Wind energy|
|Program Administrator||Missouri Department of Economic Development|
| Last Substantive Modification
The Land Assemblage Tax Credit Programs the redevelopment of blighted areas in Missouri into productive use. Redevelopers must incur acquisition costs for at least 50 acres of 75+ acre parcels, enter into redevelopment agreement, and be approved for redevelopment incentives. The maximum aggregate amount of tax credits for all projects is $95 million and while the maximum annual distribution for all projects is $20 million. Eligible land for this program must be at least 75 acres, 80% of which is in a distressed area.
State tax credits are provided to the redeveloper based on 50% of the acquisition costs and 100% of the interest costs incurred for a period of five years after the acquisition of an eligible parcel. Maintenance costs (boarding up and securing vacant structures, costs of removing trash, and costs of cutting grass and weeds) may also be included as acquisition costs.
No new authorizations may be made for this program. Existing projects with previous authorizations may complete their projects and may still achieve the program benefits subject to the program rules and any terms and conditions of their original award.
|Department||Missouri Department of Economic Development|
|Division||Land Assemblage Tax Credit Program -- Division of Business and Community Services, Development Finance Team|
|Address||301 West High Street, Room 770|
|Address 2||P.O. Box 118|
|Place||Jefferson City, Missouri|
Authorities (Please contact the if there are any file problems.)
|Authority 1||Section 99.1205, RSMo. (HB1, Special Session, 2007)|