CT SB01263

Tax credit equal to 10% of qualified conversion expenditures for owners converting commercial buildings (hotels, retail, office, industrial) into residential developments, effective July 1, 2025

Commissioner of Housing must establish the program by January 1, 2026 and develop standards that consider whether conversions create or preserve affordable housing units

Maximum credit capped at $30,000 per dwelling unit for standard owners, or $50,000 per dwelling unit for nonprofit corporations; minimum $15,000 in qualified expenditures required to be eligible

Aggregate tax credits reserved statewide cannot exceed $3 million per fiscal year

For individual taxpayers, excess credits are refundable; for nonprofit corporations, unused credits may be carried forward up to four years