CT HB05490

Expands the definition of "qualified rehabilitation expenditures" to include costs up to $2,000 for physical construction of blue stone sidewalks located on or abutting historic home properties.

Maintains the 30 percent tax credit for qualified rehabilitation expenditures, with a maximum credit of $30,000 per dwelling unit ($50,000 for nonprofit corporations).

Requires owners to submit a rehabilitation plan to the Department of Economic and Community Development for approval before beginning work, and to provide documentation of completion and actual costs incurred.

Mandates that owners occupy the historic home as their primary residence for five years following rehabilitation completion, or convey it to a new owner with the same occupancy requirement, or record an encumbrance requiring the occupancy period.

Establishes a $3 million annual cap on reserved tax credits, with 70 percent allocated to historic homes located in regional centers as designated in the state plan of conservation and development.