Modifies provisions of the "Rebuilding Communities and Neighborhood Preservation Act" to establish a tax credit for critical revitalization property

HB 1735 creates a tax credit for homeowners and developers renovating or building properties in designated National Register historic districts. It provides a 15% credit against Missouri state income tax (up to $40,000 per new residence) for eligible costs like renovations, construction, or site preparation, excluding costs covered by other grants. To qualify, properties must be owner-occupied or for sale at market rate, at least 40 years old, located in areas with median household income below 90% but above 70% of regional averages, and not in flood zones. The credit excludes costs for properties replacing historic structures or in distressed communities, and requires properties to be in designated historic districts.