Additional Missouri Low Income Housing Tax Credit Requirements

PURPOSE: The purpose of this rule is to provide information to taxpayers subject to the Tax Credit Reporting Act of 2004 and to address the applicability of relocation to a Missouri low income housing tax credits (MO LIHTC) development. (1) In addition to the requirements identified in section 135.802(6), RSMo, a taxpayer receiving Missouri low income housing tax credits (MO LIHTC) shall provide to the Missouri Housing Development Commission (commission) evidence of the relocation requirements, as set forth in section 523.205, RSMo. (2) The taxpayer shall provide the commission with a determination of projected labor costs under section 135.802(6), RSMo, by using the actual labor costs or by way of a construction cost estimator similar to the RS Means Contractors Pricing Guide. (3) All reporting under section 135.805(1), RSMo, is due on the last day of the annual reporting period, which is deemed to end on June 30 of each year. All developments must provide three (3) full years of reports under this section. The report shall be filed in the form, manner, and within the timing requirements required by statute. AUTHORITY: sections 135.359 and 215.030(5), (12), and (19), RSMo 2000.* Original rule filed May 24, 2010, effective Jan. 30, 2011. *Original authority: 135.359, RSMo 1990, amended 1991, 1993, 1994, 1995 and 215.030, RSMo 1969, amended 1974, 1982, 1985, 1989, 1993, 1995, 1998. Development Commission