The changes enacted by this bill are significant for both taxpayers seeking to benefit from historic preservation tax credits and for the State's approach to preservation efforts. By extending the deadlines, the legislation acknowledges the unforeseen delays that many projects faced during the pandemic, preventing taxpayers from losing their tax credits due to circumstances beyond their control. The bil also makes it clear that no projects will be considered idle during the pandemic disruption period, providing further reassurances to contractors and developers.
Summary
House Bill 6374, referred to as the Historic Preservation Tax Credits 2013, amends specific provisions of the existing tax credit program aimed at promoting the restoration and rehabilitation of historic properties. This bill specifically changes the timeline and requirements for commencing substantial construction activities related to approved projects. Notably, it extends the deadlines for project commencement and completion due to the disruptions caused by the COVID-19 pandemic, allowing more flexibility for taxpayers to meet these obligations.
Contention
While the bill primarily aims to assist projects that may have faced delays, it raises questions about the management and oversight of historic preservation efforts. Some critics might argue that extending the deadlines could undermine the urgency of completing restoration projects, potentially leading to prolonged vacancies in historic buildings. However, proponents of the bill emphasize that these adjustments are necessary to adapt to the unique challenges posed by the ongoing effects of the pandemic, ensuring that the preservation of historic sites remains a viable option during times of financial and logistical uncertainty.
Amends sections of law relative to historic tax credits including increasing the maximum project credit and implementing requirements relative to following prevailing wage requirements..