HB 1533 Summary

• Establishes a historic preservation income tax credit equal to 25% of qualified rehabilitation expenditures for certified historic structures, or 30% if the project includes affordable housing components (20% rental, 10% homeownership, or 30% of mixed-use square footage).

• Tax credit is deductible from net income tax liability in the year the rehabilitated structure is placed into service; excess credits can be carried forward for up to 10 years.

• Sets annual aggregate credit caps: unspecified dollar amounts for tax years 2020-2024, with the 2024 amount continuing for all subsequent years.

• Requires taxpayers to submit certified documentation of rehabilitation costs to the state historic preservation division within 12 months following the tax year; failure to submit results in complete credit recapture.

• Establishes a temporary position in the Department of Land and Natural Resources to administer the program and appropriates $85,000 for fiscal years 2019-2020 and 2020-2021; effective January 1, 2020.