HB 1533 Summary

• Establishes a historic preservation income tax credit allowing taxpayers to claim 25% or 30% of qualified rehabilitation expenditures for certified historic structures.

• Increases credit to 30% if the project includes at least 20% affordable rental housing units, 10% affordable homeownership units, or 30% affordable housing square footage in mixed-use structures.

• Allows excess credits to carry forward for up to 10 years if they exceed current year tax liability, with claims required within 12 months of the taxable year.

• Sets annual aggregate credit caps beginning at unspecified amounts for 2020-2023, with amounts continuing for 2024 and thereafter at the 2024 level.

• Requires state historic preservation division certification of rehabilitation completion and compliance with approved plans; recapture of credits applies if expenditures don't materialize, projects don't proceed timely, or affordable housing requirements aren't met.