Relative to establishing a historic housing preservation tax credit.
Impact
If passed, SB364 is set to have significant impacts on state laws concerning tax credits. The bill introduces new provisions for tax benefits related to historical preservation, particularly through credits that will apply against various state taxes, including the Business Profits Tax and Business Enterprise Tax. However, it also places a cap on these contributions to $10 million per state fiscal year, indicating a measure of control on the scale of tax incentives distributed. This legislative move is aimed at balancing economic development through historic preservation against fiscal responsibility.
Summary
Senate Bill 364 aims to establish a Historic Housing Preservation Tax Credit in New Hampshire, focused on fostering the rehabilitation of historical structures intended for residential use. This initiative is designed to attract investment into the preservation of such properties by allowing investors to receive a substantial tax credit — specifically, 65% of their contribution. The bill outlines that these contributions must be made to a designated authority overseeing the historic housing projects, thus providing a structured mechanism for support and engagement in rehabilitative efforts.
Sentiment
Sentiment around SB364 appears to be supportive among stakeholders who prioritize historical preservation and economic development. Proponents argue that revitalizing historical properties can lead to broader community benefits, including preserved cultural heritage and improved community aesthetics. However, potential opponents may raise concerns about how tax incentives could impact state revenues and whether this approach comprehensively addresses affordable housing needs across diverse communities. Thus, the discussion reflects a broader debate on priorities within state funding and resource allocation.
Contention
Key points of contention related to SB364 may center on the specifics of funding and the effectiveness of tax incentives in achieving desired outcomes in historical preservation. Critics may question whether the anticipated financial benefits from improved historic properties will outweigh the initial loss in tax revenue due to credits. Additionally, there may be discussions on ensuring that the credits truly support low-income housing developments, as there concerns that without oversight, such incentives might favor larger, more profitable rehabilitation projects instead of genuinely accessible housing options.
Creating a commission to study charitable gaming and historical horse races and relative to the moratorium on licensed historical horse racing facilities.