CS/HB 247 Summary

• Creates the "Main Street Historic Tourism and Revitalization Act" providing state tax credits of 20% or 30% of qualified rehabilitation expenses for certified historic structures in accredited Main Street programs, effective January 1, 2023.

• Requires taxpayers to obtain Division of Historical Resources certification and National Park Service approval before claiming credits; minimum $5,000 in qualified expenses required.

• Allows unused tax credits to be carried forward up to 5 years and permits taxpayers to sell or transfer credits to other taxpayers with joint notice to the Department of Revenue within 30 days.

• Establishes audit authority for Department of Revenue and Division of Historical Resources to verify legitimacy of expenses; forfeiture of credits and fraud penalties apply for non-compliant claims.

• Requires Department of Revenue to submit annual reports to Legislature on jobs created, building uses, affordable housing units, and property value changes resulting from certified rehabilitations.