S.B. 2125 Summary

• Establishes a 10% income tax credit for construction and renovation costs of qualified hotel facilities incurred between January 1, 2010 and December 31, 2015.

• Applies to hotels, hotel-condominiums, condominium-hotels, timeshare facilities, and commercial buildings within qualified resort areas.

• Credit is claimed against net income tax liability and any excess over liability is refunded to the taxpayer; claims must be filed within 12 months of the taxable year's close.

• Allows partnerships, S corporations, estates, trusts, and associations to claim credits based on entity-level construction costs, with distribution pursuant to existing partnership tax rules.

• Prohibits claiming the credit on construction costs for which Section 179 depreciation deductions are taken or for which other credits were already claimed in the same taxable year.