An Act Concerning An Expansion Of The Historic Homes Tax Credit Program.
Impact
By increasing the tax credits available under this program, HB 6406 is expected to encourage private investment in the restoration of historic properties. This can lead to job creation in construction and related fields, as well as improvements in local property values. Additionally, preserving historic homes contributes to maintaining the character and history of communities, potentially attracting tourism and enhancing local economies.
Summary
House Bill 6406 proposes an expansion of the historic homes tax credit program in Connecticut. The key provision of the bill is an increase in the amount of tax credits available from $3 million to $13 million. This significant increase aims to enhance the incentives for the preservation and restoration of historic homes throughout the state. The intention behind this expansion is to boost economic activity and maintain the cultural heritage represented by historic structures.
Contention
Though there is general support for the preservation of historic properties, some lawmakers may raise concerns regarding the fiscal implications of expanding this tax credit program. Questions surrounding the effect of such tax incentives on the state budget and whether the funds could be effectively utilized elsewhere may emerge. Additionally, there might be differing opinions on the adequacy of the current historic homes preservation strategies, with some stakeholders advocating for a more robust framework to ensure the program's success.