SB 1394 Summary

• Establishes a historic preservation income tax credit equal to 30% of qualified rehabilitation expenditures for certified historic structures.

• Tax credit is deductible from net income tax liability and may be carried forward for up to 10 years if it exceeds current year liability.

• Aggregate annual caps of $1,000,000 for each taxable year from 2020 through 2024.

• Requires taxpayers to submit certified statements to the state historic preservation division within 12 months of project completion and obtain certification verifying compliance with approved rehabilitation plans.

• Becomes effective July 1, 2019 and repeals December 31, 2024.