HB 24-1314 Summary

• Reduces the minimum age requirement for qualified historic structures from 50 years to 30 years old for both commercial and residential properties.

• Extends the tax credit program deadline from December 31, 2029 to December 31, 2032 for submitting applications, with credits issuable through December 31, 2036.

• Creates a new tax credit category (subsection 12(a.5)) for qualified commercial structures where at least 50% of square footage becomes net new rental housing units, with a separate $5 million annual allocation and up to $1.5 million per project.

• Increases the maximum tax credit for qualified residential structures from $50,000 to $100,000 per structure for tax years commencing on or after January 1, 2025.

• Establishes the Commercial Historic Preservation Tax Credit Program Cash Fund to receive and manage fees collected from applicants, with funds continuously appropriated to the office for program administration.