Available for commercial and residential use, developers of historic properties may take advantage of the historic tax incentive whether they are an individual, a corporation or a partnership. The tax credit is equal to 25% of the cost of renovation given the cost exceeds 50% of the total basis in the property. The tax credit may be used to offset state taxes from the two previous years, the year of renovation, and forward ten years. Soft and hard development costs qualify for this credit. Unlike the federal program, the Missouri Historic Preservation Tax Credits may be used for both rental and ownership developments. The tax credits may be used by individuals, corporations, or partnerships and may also be sold, exchanged or transferred. In order to be eligible for the Historic State Tax Credit, a structure must be listed individually on the National Register of Historic Places, be considered a contributing structure in a National Register historic district, or in a local historic district certified by the United States Department of the Interior. Renovation must be equal to or greater than 50% of the value of the building. Additional business assistance may be found at http://www.sba.gov/mo/stlouis/ or contact the Small Business Administration's One Stop Capital Shop at (314) 436-2202.
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