Modifies the Historic Preservation Tax Credit

SB 961 modifies Missouri's Historic Preservation Tax Credit by increasing the credit rate to 35% for rehabilitation of eligible historic properties in qualifying counties or for historic schools/theaters, up from 25% for standard projects. It requires rehabilitation costs to exceed 50% of a property’s value and aligns with federal Secretary of the Interior standards. The bill also establishes a $90 million annual cap on tax credits, with $30 million specifically reserved for projects in qualified census tracts (areas with high poverty rates). These changes aim to incentivize historic preservation in rural and economically disadvantaged communities while streamlining the credit application process under the "Missouri Historic, Rural Revitalization, and Regulatory Streamlining Act." The provisions take effect for projects beginning July 1, 2026.