HB 6920 Summary

• Repeals and replaces Section 10-416 of Connecticut general statutes effective January 1, 2024, establishing revised procedures for historic home rehabilitation tax credits.

• Defines eligible "historic homes" as buildings with 1-4 dwelling units listed on National/State Register of Historic Places or certified as contributing to a historic district, with at least one unit occupied as owner's principal residence for 5 years post-rehabilitation.

• Provides 30% tax credit on qualified rehabilitation expenditures exceeding $15,000, with maximum credits of $30,000 per dwelling unit for individual owners and $50,000 per unit for nonprofit corporations.

• Requires owners to submit rehabilitation plans to Department of Economic and Community Development for pre-approval, complete work, and provide documentation before receiving tax credit voucher.

• For vouchers issued January 1, 2024 or later, allows credits against Connecticut income tax (chapter 229) for individuals and unincorporated businesses, with excess amounts refunded without interest, and nonprofit corporations can claim credits against their corporate tax (chapter 208a).