Texas House Bill HB3111

Texas 2013 - 83rd Regular

Caption

Relating to tax credits for the certified rehabilitation of certified historic structures.

Impact

The proposed legislation is expected to significantly impact state laws governing tax credits related to historic preservation efforts. By offering a viable financial incentive, the bill aims to promote the restoration and preservation of culturally and historically significant structures, thereby bolstering economic development within communities across Texas. This could lead to an increase in tourism and local engagement, allowing historic sites to flourish as functional portions of the community while retaining their historical significance.

Summary

House Bill 3111 proposes to implement tax credits for the certified rehabilitation of certified historic structures within Texas. The bill is designed to encourage the preservation of historical buildings by providing financial incentives to entities that undertake eligible rehabilitations. The tax credits are structured to cover up to 25% of the total eligible costs and expenses incurred in the rehabilitation process, with specific requirements that must be met for entities to qualify. These requirements include that the structure must either be listed individually in the National Register of Historic Places or hold a designation as a Recorded Texas Historic Landmark, among other criteria.

Contention

Despite its intentions, the bill has raised discussions about balancing preservation efforts with private property rights. Some stakeholders have expressed concerns regarding the regulatory framework that might emerge from the implementation of this bill, particularly regarding the qualifications needed for properties to receive the tax credit. Issues related to accessibility for smaller entities looking to rehabilitate historic properties could be a point of contention, as larger developers may have more resources to navigate the required processes effectively. Therefore, while the bill seeks to promote preservation, careful consideration must be given to ensure that the benefits of the tax credits are accessible to a diverse array of property owners.