HB1498--ATAXCREDITFORCRITICALREVITALIZATION PROPERTY
SPONSOR: Wellenkamp
Thisbilldefines"criticalrevitalization area","critical
revitalization property","eligiblecostsforcritical
revitalization properties"and"historicdistrict".
Thebillprovidesthatanytaxpayerwhoincurseligiblecostsfor
renovationofacriticalrevitalization propertymustreceiveatax
creditequaltothirty-fivepercentofthecostsagainsthisorher
taxliability. Thisbillalsosets$5,000astheminimumeligible
costsforrenovationofacriticalrevitalization propertyand
$100,000asthemaximumtaxcreditoverany10yearperiod.
Currently,notaxcreditisallowedtobeissuedforthe
constructionorrehabilitation ofrentalproperty. Thisbill
providesanexceptionfortherenovationofrentalpropertythat
qualifiesasacriticalrevitalization property.
Currently,taxcreditsarenotallowedinanamountgreaterthan
$16millioneachyear.Thisbillprovidesthattaxcreditswillbe
allowedtobeinanamountgreaterthan$16millioneachyear.
ThisbillprovidesthattheDepartmentofEconomicDevelopmentmust
establishataxcreditapplicationprocessfortaxpayerswho
incurredeligiblecostsfortherenovationofeligiblecritical
revitalization property.