Connecticut 2013 Regular Session

Connecticut Senate Bill SB01131

Introduced
3/14/13  
Refer
3/14/13  
Report Pass
3/26/13  
Report Pass
4/19/13  
Refer
4/29/13  
Refer
4/29/13  
Report Pass
5/6/13  
Engrossed
5/15/13  
Report Pass
5/17/13  
Report Pass
5/17/13  
Chaptered
6/19/13  
Enrolled
6/26/13  
Passed
7/11/13  

Caption

An Act Concerning Changes To The Connecticut Historic Home Tax Credit.

Impact

The enactment of SB01131 would modify existing frameworks governing the Connecticut Historic Home Tax Credit, thereby having a direct influence on state tax laws. The bill includes provisions that require owners to occupy their rehabilitated historic homes as primary residences for a minimum of five years, ensuring the intended benefits of the tax credits have a community-focused aspect. Additionally, the legislation introduces a cap on the total amount of tax credits that can be issued, thus enabling sustainable management of the state budget concerning these incentives.

Summary

SB01131, an Act Concerning Changes To The Connecticut Historic Home Tax Credit, aims to enhance the financial incentives for property owners rehabilitating historic homes. The bill stipulates that property owners can receive tax credit vouchers equivalent to thirty percent of the qualified rehabilitation expenditures incurred in preserving and improving historic properties. This initiative is designed to stimulate investment in historic homes while ensuring that the historical character of these buildings is preserved through regulated rehabilitation plans approved by the Department of Economic and Community Development.

Sentiment

General sentiment surrounding SB01131 appears to be favorable, especially among advocates for historical preservation and local economic development. Supporters argue that the bill not only incentivizes homeowners to invest in the upkeep of historically significant properties but also contributes to community revitalization. However, there may be some concerns revolving around the feasibility of fully utilizing these tax credits by low-income families, given the substantial initial investment required to qualify for the credits.

Contention

Despite its merits, SB01131 is not without contention. Critics may voice concerns about the demographic reach of this initiative, emphasizing that the financial thresholds set for rehabilitation expenditures could hinder access for residents with limited financial means. Additionally, the requirement for homeowners to occupy the properties could be perceived as restricting the flexibility of usage for these historic homes, potentially disincentivizing some owners from participating in the program.

Companion Bills

No companion bills found.

Previously Filed As

CT HB05190

An Act Concerning The Historic Homes Rehabilitation Tax Credit.

CT SB00006

An Act Concerning Housing.

CT SB00270

An Act Concerning Tax Credits For The Conversion Of Commercial Properties.

CT SB00501

An Act Concerning Motor Vehicle Assessments For Property Taxation, Innovation Banks, The Interest On Certain Tax Underpayments, The Assessment On Insurers, School Building Projects, The South Central Connecticut Regional Water Authority Charter And Certain State Historic Preservation Officer Procedures.

CT SB00011

An Act Concerning Connecticut Resiliency Planning And Providing Municipal Options For Climate Resilience.

CT HB05524

An Act Authorizing And Adjusting Bonds Of The State And Concerning Provisions Related To State And Municipal Tax Administration, General Government And School Building Projects.

CT SB00311

An Act Concerning The Connecticut Home-care Program For The Elderly.

CT SB00001

An Act Concerning The Health And Safety Of Connecticut Residents.

CT HB05001

An Act Supporting Connecticut Seniors And The Improvement Of Nursing And Home-based Care.

CT HB05296

An Act Expanding The Connecticut Home-care Program For The Elderly.

Similar Bills

CA AB1411

Health care facilities: rehabilitation innovation centers.

CA AB1687

Outdoor advertising displays: exemptions.

CA AB562

Prisons: rehabilitation programs.

CA AB3013

Veterinary medicine: animal physical rehabilitation.

CA AB1688

Rehabilitation programs: recidivism.

CA AB561

Rehabilitation programs: statewide evaluation.

MD HB660

Commission to Study the Division of Rehabilitation Services (Student Job Training Reformation Act)

CA AB814

Veterinary medicine: animal physical rehabilitation.