253.545. Definitions.
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/mo/chapter-253/253-545A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
253.545. Definitions. — As used in sections 253.544 to 253.559 , the following terms mean, unless the context requires otherwise:
(1)"Applicable percentage" :
(a)For the rehabilitation of a property that receives or intends to receive a state tax credit under sections 135.350 to 135.363 , twenty-five percent;
(b)For the rehabilitation of a property located in a qualifying county approved for a state tax credit and that is not a property that receives or intends to receive a state tax credit under sections 135.350 to 135.363 , thirty-five percent; or
(c)For the rehabilitation of a property not located in a qualifying county approved for a tax credit, twenty-five percent;
(2)"Certified historic structure" , a building located in Missouri and either:
(a)Listed individually on the National Register of Historic Places; or
(b)Located in a National Register-listed historic district or a local district that has been certified by the United States Department of the Interior and certified by the Secretary of the Interior or the state historic preservation office as a contributing resource in the district;
(3)"Deed in lieu of foreclosure or voluntary conveyance" , a transfer of title from a borrower to the lender to satisfy the mortgage debt and avoid foreclosure;
(4)"Department" , the department of economic development;
(5)"Eligible property" , property located in Missouri and offered or used for residential or business purposes;
(6)"Eligible recipient" , an individual taxpayer or nonprofit entity incurring expenses in connection with an eligible property;
(7)"Historic theater" , any historic theater that is a certified historic structure or is located in a historic district;
(8)"Historic school" , any historic school that is a certified historic structure or that is located in a historic district;
(9)"Leasehold interest" , a lease in an eligible property for a term of not less than thirty years;
(10)"Principal" , a managing partner, general partner, or president of a taxpayer;
(11)"Qualified census tract" , a census tract or census block with a poverty rate of twenty percent or higher as determined by a map and listing of census tracts which shall be published by the department and updated on a five-year cycle, and which map and listing shall depict census tracts with twenty percent poverty rate or higher, grouped by census tracts with twenty percent to forty-two percent poverty, and forty-two percent to eighty-one percent poverty as determined by the most current five-year figures published by the American Community Survey conducted by the United States Census Bureau;
(12)"Qualified rehabilitation standards" , the Secretary of the Interior's Standards for Rehabilitation, codified under 36 CFR 67;
(13)"Qualifying county" , any county or portion thereof in this state that is not:
(a)Within a city with more than four hundred thousand inhabitants and located in more than one county; or
(b)A city not within a county;
(14)"Taxpayer" , any person, firm, partnership, trust, estate, limited liability company, or corporation.
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(L. 1997 2d Ex. Sess. S.B. 1, A.L. 2009 H.B. 191, A.L. 2018 S.B. 590 merged with S.B. 773, A.L. 2024 H.B. 2062)