HB 62 Summary

• Extends the deadline for substantial rehabilitation tax credits from May 15, 2016 to May 15, 2023, allowing seven additional years for property owners to submit applications.

• Expands the calendar years eligible for tax credit reservations from 2013-2015 to 2013-2022, with an aggregate annual cap of $20 million per year.

• Maintains existing tax credit rates of 25 percent for certified historic structures and 10 percent for qualified pre-1936 non-historic structures, with maximum credits of $5 million per project ($50,000 for residential historic structures).

• Allows tax credits to be transferred and assigned to other parties without transferring property ownership, subject to a $1,000 transfer fee per transferee.

• Becomes effective immediately for tax years beginning January 1, 2016 or later.