Raised Bill No. 270 Summary

• Establishes a tax credit program for converting commercial buildings (hotels, retail, office space) into residential developments, effective July 1, 2024, administered by the Commissioner of Housing.

• Provides tax credits equal to 10% of qualified conversion expenditures, with a minimum of $15,000 in conversion costs required for eligibility and a maximum of $30,000 per dwelling unit for non-nonprofits or $50,000 per dwelling unit for nonprofit corporations.

• Requires owners to submit a conversion plan to the Commissioner of Housing for approval within 60 days, with standards prioritizing creation or preservation of affordable housing units.

• Commissioner of Housing must issue tax credit vouchers upon project completion verification; vouchers are filed with state tax returns and can be applied against income tax liability under chapters 229 or 208a of Connecticut statutes.

• Caps total tax credits reserved statewide at $3 million per fiscal year; unused nonprofit credits may be carried forward up to four years following issuance.