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)