HB 1532 Summary

• Establishes a $1,000 nonrefundable tax credit for condominium unit owners whose associations increase maintenance fees to comply with county fire safety ordinances requiring automatic fire sprinkler systems or alternative fire prevention systems.

• Limits qualifying taxpayers to those with gross incomes of $100,000 or less (single filers), $150,000 or less (married filing separately), or $200,000 or less combined (married filing jointly).

• Caps aggregate tax credits claimed statewide at $5,000,000 per taxable year.

• Allows excess tax credits to carry forward to subsequent years until exhausted, with a 12-month filing deadline after the close of the taxable year.

• Applies to taxable years beginning after December 31, 2023; authorizes the director of taxation to establish necessary forms, require proof of claims, and adopt administrative rules.