SB1066: Historic rehabilitation; increases maximum amount of tax credit, effective provision.

Legislative Summary

Historic rehabilitation tax credit; increase. Increases from $5 million to $10 million, beginning in taxable year 2023, the maximum amount of the historic rehabilitation tax credit, including amounts carried over from prior taxable years, that may be claimed by a taxpayer in any taxable year. In addition, should the taxpayer incur expenses toward the rehabilitation of a certified historic structure in a locality that has a designated enterprise zone, as defined in the Code, the taxpayer may claim up to an additional $10 million in any taxable year. The provisions of the bill are contingent on the anticipated revenue change from implementing the act being accounted for in the general appropriation act. Historic rehabilitation tax credit; increase. Increases from $5 million to $10 million, beginning in taxable year 2023, the maximum amount of the historic rehabilitation tax credit, including amounts carried over from prior taxable years, that may be claimed by a taxpayer in any taxable year. In addition, should the taxpayer incur expenses toward the rehabilitation of a certified historic structure in a locality that has a designated enterprise zone, as defined in the Code, the taxpayer may claim up to an additional $10 million in any taxable year. The provisions of the bill are contingent on the anticipated revenue change from implementing the act being accounted for in the general appropriation act.