CT HB05272

Establishes a consolidated tax credit system administered by the Department of Economic and Community Development for owners rehabilitating certified historic structures listed on the National or State Register of Historic Places.

Provides a tax credit of 25% of qualified rehabilitation expenditures, or 30% if the project includes affordable housing (at least 20% rental units or 10% homeownership units qualifying as affordable).

Allows tax credits to be carried forward up to five years if they exceed the taxpayer's current year tax liability, and permits credits to be sold, assigned, or transferred no more than three times.

Caps total tax credits reserved in any fiscal year at $31,700,000 with a maximum of $4,500,000 per project; requires annual reporting to legislative committees on credits reserved and projects funded.

Terminates prior historic preservation tax credit programs under sections 10-416a and 10-416b effective July 1, 2014, consolidating them into this new unified system.