The Missouri Department of Economic Development announced today that a draft of the application for the controversial Land Assemblage Tax Credit has been posted on the department’s web site for public review and comment.

Click here to see it.

Passed during a special legislative session last summer, the Distressed Areas Land Assemblage Tax Credit Act received a lot of attention for seeming to be a $100,000,000 tax credit which only one man could currently qualify for. That man, of course, was “Blairmont” developer Paul McKee.

The Act authorizes a tax credit equal to 50 percent of the costs and 100 percent of the interest incurred for the acquisition of an eligible parcel of land located within an economically challenged community. The Missouri Department of Economic Development is charged with administering the program.

“I strongly encourage all interested parties to visit our Internet site to view the draft application and guidelines and provide comments and suggestions,” said Economic Development Director Greg Steinhoff. “This program will provide another excellent tool for transforming economically distressed areas of our state into viable centers of job creation and economic development.”

Comments on the Land Assemblage Tax Credit application are due by 5:00 p.m. on Feb. 29, 2008 and may be sent my email at missouridevelopment@ded.mo.gov, by regular mail at Land Assemblage Tax Credit-Comments, P.O. Box 118, Jefferson City, MO 65102 or by fax at 573-751-9462.