HB 2619 Summary

• Creates a 20% income tax credit for qualifying rehabilitation expenses of certified historic structures in Arizona for taxable years 2017-2036.

• Establishes the Arizona State Parks Board as the certifying agency for historic structure rehabilitations, with authority to delegate to qualified local government agencies, using federal rehabilitation standards.

• Limits annual aggregate tax credits to $15 million (with potential additional $15 million annually for 2027-2036 pending legislative budget committee review), with 60% of credits reserved for projects in cities/towns with populations under 150,000.

• Allows unused credits to be carried forward for 10 consecutive years and permits assignment or transfer of credits to other parties, with proceeds exempt from income tax.

• Requires rehabilitation projects to undergo cost-benefit analysis by the Arizona Commerce Authority and achieve minimum point thresholds based on job growth, economic impact, and community support.