Section 253.545

Title XVI CONSERVATION, RESOURCES AND DEVELOPMENT

Chapter 253

Effective - 28 Aug 2024, 3 histories   

  253.545.  Definitions. — As used in sections 253.544 to 253.559, the following terms mean, unless the context requires otherwise:

  (1)  "Applicable percentage":

  (a)  For the rehabilitation of a property that receives or intends to receive a state tax credit under sections 135.350 to 135.363, twenty-five percent;

  (b)  For the rehabilitation of a property located in a qualifying county approved for a state tax credit and that is not a property that receives or intends to receive a state tax credit under sections 135.350 to 135.363, thirty-five percent; or

  (c)  For the rehabilitation of a property not located in a qualifying county approved for a tax credit, twenty-five percent;

  (2)  "Certified historic structure", a building located in Missouri and either:

  (a)  Listed individually on the National Register of Historic Places; or

  (b)  Located in a National Register-listed historic district or a local district that has been certified by the United States Department of the Interior and certified by the Secretary of the Interior or the state historic preservation office as a contributing resource in the district;

  (3)  "Deed in lieu of foreclosure or voluntary conveyance", a transfer of title from a borrower to the lender to satisfy the mortgage debt and avoid foreclosure;

  (4)  "Department", the department of economic development;

  (5)  "Eligible property", property located in Missouri and offered or used for residential or business purposes;

  (6)  "Eligible recipient", an individual taxpayer or nonprofit entity incurring expenses in connection with an eligible property;

  (7)  "Historic theater", any historic theater that is a certified historic structure or is located in a historic district;

  (8)  "Historic school", any historic school that is a certified historic structure or that is located in a historic district;

  (9)  "Leasehold interest", a lease in an eligible property for a term of not less than thirty years;

  (10)  "Principal", a managing partner, general partner, or president of a taxpayer;

  (11)  "Qualified census tract", a census tract or census block with a poverty rate of twenty percent or higher as determined by a map and listing of census tracts which shall be published by the department  and updated on a five-year cycle, and which map and listing shall depict census tracts with twenty percent poverty rate or higher, grouped by census tracts with twenty percent to forty-two percent poverty, and forty-two percent to eighty-one percent poverty as determined by the most current five-year figures published by the American Community Survey conducted by the United States Census Bureau;

  (12)  "Qualified rehabilitation standards", the Secretary of the Interior's Standards for Rehabilitation, codified under 36 CFR 67;

  (13)  "Qualifying county", any county or portion thereof in this state that is not:

  (a)  Within a city with more than four hundred thousand inhabitants and located in more than one county; or

  (b)  A city not within a county;

  (14)  "Taxpayer", any person, firm, partnership, trust, estate, limited liability company, or corporation.

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(L. 1997 2d Ex. Sess. S.B. 1, A.L. 2009 H.B. 191, A.L. 2018 S.B. 590 merged with S.B. 773, A.L. 2024 H.B. 2062)