The Missouri Chamber of Commerce and Industry is backing legislation aimed at turning vacant downtown office buildings into productive spaces once again.
SB 869, sponsored by Sen. Steven Roberts (D-St. Louis), establishes the Revitalizing Missouri Downtowns and Main Streets Act. The legislation creates a tax credit that encourages developers to convert office buildings into residential, retail or commercial spaces with 25% of the funding reserved for projects in qualified Main Street districts.
Roberts said the bill aims to restore vibrancy to downtowns, support housing development, preserve historic structures and enhance economic activity in communities across the state.
“The bill addresses the growing imbalance between excess commercial office space and the increasing demand for housing by providing a targeted state tax credit to help those financing gaps that often prevent redevelopment projects from moving forward,” Roberts said.
The Missouri Chamber testified in support of this important economic driver before the Senate Economic and Workforce Development Committee.
A companion bill, HB 2531, sponsored by Rep. Chad Perkins (R-Bowling Green), has been filed in the House.
For more information, contact Missouri Chamber Vice President of Government Affairs Jared Hankinson at [email protected] or call 573-634-3511.
