Extends applicability of the tax credit for the rehabilitation of certain historic structures and extends the tax credit to rehabilitated structures located in a federal designated HUBZone (OR DECREASE GF RV See Note)
Impact
The bill positively affects state laws related to historic preservation by incentivizing the rehabilitation of older structures. By offering tax credits, it promotes economic development in designated HUBZones, which may help revitalize local economies and support community efforts to maintain historical significance. The law also emphasizes the importance of structures being listed on the National Register of Historic Places or certified by state preservation authorities as important to their districts, further strengthening the preservation goals of the legislation.
Summary
House Bill 604 aims to extend the applicability of income and corporation franchise tax credits for the rehabilitation of certain historic structures. Specifically, the bill extends the timeline for eligible costs and expenses incurred during the rehabilitation of these structures from taxable years ending prior to January 1, 2012, to those ending before January 1, 2016. Additionally, it expands the eligibility of the tax credit to include rehabilitated structures located in federally designated HUBZones, effectively encouraging investment in historical restoration projects situated within these areas.
Sentiment
The general sentiment surrounding HB604 appears to be supportive among proponents of historic preservation and economic development. Advocates argue that the bill helps breathe new life into historic districts while stimulating the economy through job creation and tourism. However, some critics may raise concerns about potential misuse of tax credits or the focus on specific areas over others, leading to uneven development, although such points were not prominently discussed in available discussions.
Contention
Notable points of contention include the potential limitations placed on how broadly the tax credits can be applied, as they remain restricted to certain districts and require specific historical qualifications. This might lead to concerns about the equitable distribution of the benefits associated with the tax credits, along with discussions on whether the proposed changes sufficiently address the needs of less historically renowned areas that could also benefit from such rehabilitation efforts. Ultimately, while the bill aims to foster economic growth, discussions may arise over the prioritization of certain communities at the expense of others.
Extends applicability of the tax credit for the rehabilitation of certain residential structures and extends the tax credit to rehabilitated residential structures located in a federal designated HUBZone (OR DECREASE GF RV See Note)
Extends the tax credit for the rehabilitation of historic structures and provides for the applicability of such credit. (gov sig) (EG DECREASE GF RV See Note)
Extends the date for eligible expenses to qualify for the tax credit for the rehabilitation of historic structures and extends the effectiveness of the credit (Item #19) (EN SEE FISC NOTE GF RV See Note)
Extends the sunset of the tax credit for rehabilitation of historic structures to January 1, 2026, and limits the maximum amount of credits awarded in a calendar year (RE1 DECREASE GF RV See Note)
Increases the amount of the tax credit for the rehabilitation of certain residential structures and extends the taxable periods in which the tax credit applies (EN DECREASE GF RV See Note)