The Missouri Chamber of Commerce and Industry supports legislation to help breathe new life into vacant downtown office buildings.
SB 35, sponsored by Sen. Steven Roberts (D-St. Louis), establishes the Revitalizing Missouri Downtowns and Main Streets Act. The legislation allows developers to claim a tax credit for converting an office building into residential, retail or commercial space. A quarter of the funding is dedicated to projects located in a qualified Main Street district.
Roberts said the bill provides an opportunity for Missouri to be a national leader in assisting both urban and rural communities.
“The act will provide a state tax credit to fill gaps in the marketplace that have resulted in spaces across our state’s cities and towns lying dormant, thereby reducing the vibrancy in our historic cultural centers,” Roberts said. “By filling those gaps, this legislation unlocks private investment that will otherwise sit on the sidelines.”
Cade Tremain, manager of governmental affairs for the Missouri Chamber, testified in support of this important economic driver before the Senate Economic and Workforce Development Committee.
“The Missouri Chamber strongly supports this legislation, specifically because it will directly, positively impact our economic development efforts, expanding more access to residential and retail space,” Tremain said.
A pair of companion bills, HB 900 and HB 610, are being sponsored by Rep. Marty Joe Murray (D-St. Louis) and Rep. Travis Wilson (R-St. Charles), respectively.
For more information, contact Tremain at ctremain@mochamber.com or 573-634-3511.
