Connecticut House Bill HB05490

Connecticut 2016 Regular Session

• Introduced: 2/29/16
• Refer: 2/29/16

Caption

An Act Concerning The Historic Rehabilitation Tax Credit.

Impact

The bill's passage is anticipated to bolster efforts in historic home rehabilitation by providing financial incentives through tax credits. Homeowners who perform qualifying renovations on historic properties can receive a tax credit equal to 30% of their qualified rehabilitation expenditures. Notably, this supportive measure could lead to more property restorations, contributing to local economic growth, preservation of cultural heritage, and community revitalization in areas identified as regional centers by state development plans.

Summary

House Bill 5490 introduces modifications to the existing Historic Rehabilitation Tax Credit program in Connecticut. The legislation focuses on expanding the scope of eligible rehabilitation expenditures to include costs associated with blue stone sidewalks, thereby enhancing the incentives for homeowners to engage in the preservation of historic homes. This act aims to further the state's commitment to maintaining its historic infrastructure while also stimulating economic activity within communities that house these buildings.

Contention

Debate surrounding HB 5490 may revolve around the allocation of state resources towards tax credits aimed at private property owners, with some legislators questioning the sustainability of such incentives in the face of broader budgetary concerns. There may also be discussions about the implications of prioritizing financial support for rehabilitating historic structures, potentially diverting funds from other pressing community needs. However, proponents of the bill argue that the long-term economic and aesthetic benefits outweigh these concerns.