HB 2791 Summary

• Establishes a state historic preservation tax credit program allowing 20% credit on qualified rehabilitation expenses for certified historic structures, or 25% for affordable housing projects, for taxable years 2024-2033.

• Creates a $30 million annual aggregate tax credit limit, with 60% reserved for projects in cities/towns under 150,000 population in the first application period each year.

• Requires state historic preservation officer certification after rehabilitation completion, with applications evaluated twice yearly based on consistency with federal standards, positive economic impact, and point-based grading system.

• Allows unused credits to carry forward for ten consecutive years and permits transfer or sale of credits to other taxpayers; applies to both individual income tax (section 43-1080) and corporate income tax (section 43-1166).

• Charges application fees ranging from $250-$750 depending on rehabilitation expenses, with fees of 15% of expenses for projects exceeding $500,000.