Vacant downtown office buildings would get new life under legislation supported by the Missouri Chamber of Commerce and Industry.
The House Economic Development Committee recently heard testimony on SB 35, sponsored by Sen. Steven Roberts (D-St. Louis). The legislation has already been heard and passed by the Senate.
SB 35, known as the Revitalizing Missouri Downtowns and Main Streets Act, would allow developers to claim a tax credit for converting an office building into residential, retail or commercial space. The total amount of tax credits granted would be limited to $50 million per fiscal year, plus another $50 million for projects more than 750,000 square feet. Of the available funding, 25 percent would be dedicated to projects located in a qualified Main Street district.
“Missouri can be a national leader in assisting both urban and rural communities with this legislation,” Roberts said. “Many of our state’s historic main streets and small downtowns have been hollowed out by decades of disinvestment and a lack of access to capital. With SB 35, we hope to breathe life back into the downtowns of Missouri’s biggest cities, as well as its smallest towns.”
Cade Tremain, manager of governmental affairs for the Missouri Chamber, said, “We believe this bill allows communities to breathe new opportunities into historical areas. It would positively impact economic development efforts and expand access to residential and retail space.”
A pair of companion bills, HB 610 and HB 900, sponsored by Rep. Travis Wilson (R-St. Charles) and Rep. Marty Joe Murray (D-St. Louis), respectively, have already been voted out of the committee and await further action in the House.
For more information, contact Tremain at ctremain@mochamber.com or 573-634-3511.
