HB281 Summary

• Extends the state income tax credit for historic structure rehabilitation through December 31, 2027 (previously set to expire in 2022).

• For tax years 2023-2027, restricts tax credits to commercial and business purposes only, prohibiting credits for residential uses ("Disqualifying Use").

• Revises audit requirements and fee structure for applications: 1% fee for projects up to $1 million, $15,000 for $1-10 million, and $20,000 for projects exceeding $10 million.

• Caps total tax credit reservations at $200 million during the entire program period (May 25, 2017 through December 31, 2027), with 40% reserved for projects in counties with populations under 175,000.

• Clarifies that transferees of tax credits are entitled to claim refunds when tax credits exceed taxes owed, and modifies the Historic Tax Credit Evaluating Committee structure and authority.