Phased Projects

PURPOSE: This rule explains the circumstances under which a project can have multiple construction periods under the Historic Preservation Tax Credit program. (1) To qualify as a phased project, an applicant must— (A) Apply for the federal historic preservation tax incentives program as a phased project; (B) Submit a single preliminary application to the department for the entire phased project; and (C) Submit a copy of the federal historic preservation tax incentives program phased project application with the preliminary application. (2) The preliminary application for a phased project must DEVELOPMENT mirror the phasing listed in the federal historic preservation tax incentives program project application. (3) Each construction period (phase) of a phased project must be described such that expenditures are clearly identified as incurred during an individual phase. (4) All amendments to a preliminary application for a phased project must be identical to amendments to the applicant’s federal historic preservation tax incentives program phased project application, a copy of which must be submitted to the department. An amended preliminary application for a phased project shall be evaluated as an amendment to the project phase being modified. (5) Each construction period of a phased project must meet all program requirements on its own, without consideration of any other phase of the project. (6) The director shall have the authority to authorize tax credits for a phased project preliminary application using an aggregate estimate with flexibility among phases for projects that meet the requirements of 4 CSR 85-5.020(1)(I). AUTHORITY: section 135.487, RSMo 2016, and sections 135.802 and 620.010, RSMo Supp. 2023.* Emergency rule filed March 20, 2019, effective March 30, 2019, expired Dec. 31, 2019. Original rule filed March 20, 2019, effective Nov. 30, 2019. Amended: Filed July 31, 2023, effective March 30, 2024. *Original authority: 135.487, RSMo 1999; 135.802, RSMo 2004, amended 2009, 2022; and 620.010, RSMo 1973, amended 1981, 1983, 1986, 1989, 1990, 1993, 1994, 1995, 1999, 2001, 2007, 2008, 2010, 2014, 2019.