HB 1182 -- Green Building and Smart Growth Tax Credit Act

Sponsor:  Silvey

This bill establishes the Green Building and Smart Growth Tax
Credit Act.  In its main provisions, the bill:

(1)  Requires the Department of Economic Development, in
consultation with the Department of Natural Resources, to adopt
specified construction and development standards for taxpayers
wishing to receive the tax credit;

(2)  Specifies that successful applicants will receive a tax
credit each year for up to 10 years equal to:

(a)  15% of eligible costs for eligible projects meeting the
requirements specified in the bill;

(b)  5% of eligible costs for eligible projects with a certified
rating; 7% for projects with a silver rating; 8% for projects
with a gold rating; or 10% for projects with a platinum rating as
determined by Department of Natural Resources;

(c)  2.5% of eligible costs for mixed-use developments;

(d)  0.5% of eligible costs for eligible projects in which less
than 10% of the project's land, not including shared open spaces,
is devoted to parking areas, garages, and driveways;

(e)  0.5% of eligible costs for eligible projects with respect to
which variances are secured from the relevant municipalities to
allow 50% or less parking than is required by applicable local
zoning codes and are built in accordance with the variances; and

(f)  Up to 5% of eligible costs for developments which meet
specified density levels;

(3)  Prohibits, in any tax year, an applicant from receiving more
than 20% of the total amount allowed based on the specified
percentages.  The amount of the tax credit otherwise due, but
which cannot be applied during the tax year, may be carried
forward for 15 years, transferred, or sold.  A refund will be
issued if the amount of tax credits allowed exceeds the amount of
the taxpayer's income tax; and

(4)  Specifies that the total amount of tax credits issued in the
first fiscal year in which they are available cannot exceed $45
million and cannot exceed $90 million in each of the next six
fiscal years.  Any tax credits remaining unused in a fiscal year
will roll over to the next fiscal year.

The provisions of the bill will expire five years from the
effective date.

Missouri House of Representatives
95th General Assembly, 1st Regular Session
Last Updated November 17, 2009 at 9:26 am