CT SB00254

Commissioner of Housing must establish by January 1, 2027 a tax credit voucher program for converting commercial buildings (hotels, retail, offices, industrial buildings) into residential housing

Tax credit equals 10% of qualified conversion expenditures, capped at $30,000 per dwelling unit for regular owners or $50,000 per dwelling unit for nonprofit corporations

Minimum qualified conversion expenditure of $15,000 required to be eligible; excludes owner's personal labor, site improvements, new additions, and non-construction costs like architectural and legal fees

Total tax credits reserved by the Commissioner cannot exceed $3 million per fiscal year

Nonprofit corporations may carry forward unused credit portions for up to four years following the year the voucher is issued; excess credits for individual taxpayers are refunded without interest