S.B. 769 Summary

• Creates a tax credit for qualified hotel and resort property construction and renovation costs incurred between January 1, 2011 and December 31, 2014.

• Tax credit applies to hotels, hotel-condominiums, timeshare facilities, and commercial buildings within qualified resort areas designated by county authority.

• Credit is claimed against net income tax liability, with excess credits carried forward to subsequent years until exhausted; subject to a total annual cap on all taxpayers' credits.

• Construction or renovation costs financed with government grants, government loans, or property assessed clean energy financing are ineligible for the credit.

• Credits must be claimed within 12 months following the close of the taxable year; specific credit percentages and thresholds are not filled in the bill text.