CT SB01131

Repeals and replaces Section 10-416 of general statutes to restructure the Connecticut Historic Home Tax Credit program, effective July 1, 2015, for income years beginning January 1, 2015

Transfers administration of the tax credit program from the State Historic Preservation Officer to the Department of Economic and Community Development

Removes the requirement that historic homes be located in "targeted areas" (qualified census tracts, areas of chronic economic distress, or urban regional centers), allowing credits for any historic home on the National or State Register

Reduces the minimum qualified rehabilitation expenditure threshold from $25,000 to $15,000 to qualify for the tax credit

Increases the maximum tax credit cap from $30,000 to $50,000 per dwelling unit for nonprofit corporation owners, while maintaining the $30,000 cap for individual owners