Missouri House Bill HB2407

Missouri 2024 Regular Session

• Introduced: 1/16/24
• Refer: 1/25/24

Caption

Establishes tax incentives in relation to workforce and disaster recovery housing

Impact

The provisions introduced by HB 2407 could potentially reshape various aspects of housing law in Missouri. It provides clear criteria for what constitutes qualifying new investments and outlines the application processes that housing businesses must follow to secure financial assistance. Furthermore, the bill dictates that a maximum aggregate amount of tax incentives is capped at $35 million for the program as a whole, with specific allocations for disaster recovery projects. This could significantly impact local economies and housing market dynamics.

Summary

House Bill 2407 aims to establish a set of tax incentives designed to bolster workforce housing and support disaster recovery housing projects in Missouri. The bill outlines specific provisions regarding the allocation of tax credits and incentives for housing businesses that engage in creating or rehabilitating housing projects. This initiative is part of a broader effort to enhance affordable housing options within communities, particularly targeting areas impacted by disasters or those designated as underserved.

Contention

Notably, discussions surrounding HB 2407 may reveal contention over how tax incentives are distributed and the effectiveness of such incentives in meeting housing needs. Some stakeholders may question whether the bill adequately addresses the needs of diverse communities or if it disproportionately benefits certain regions. Additionally, concerns could be raised about potential abuses of the tax credit system, particularly relating to compliance and oversight mechanisms outlined in the legislation.