HB1800 Summary

• Creates the Arkansas Major Historic Rehabilitation Trust Fund to offset costs of income tax credits for historic property rehabilitation projects in Arkansas

• Establishes a 25% income tax credit on qualified rehabilitation expenses for owners of eligible historic properties, with a minimum investment requirement of $1,500,000

• Credit is freely transferable, can be carried forward for five consecutive tax years, and may offset up to 100% of state income tax or insurance premium tax due

• Eligible properties must be certified historic structures listed in or contributing to the National Register of Historic Places and must complete rehabilitation after January 1, 2019

• Application period runs from July 1, 2020 through June 30, 2025, with Department of Arkansas Heritage administering the program and prioritizing projects that create businesses, expand existing businesses, or revitalize specific areas