HB 1143 Summary

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

• Credit is available in the taxable year when a substantially rehabilitated historic structure is placed into service; excess credits can be carried forward for up to 10 years.

• Requires taxpayers to notify the state historic preservation division upon completion of rehabilitation and obtain certification verifying compliance with the approved rehabilitation plan before claiming the credit.

• Imposes annual aggregate caps on total tax credits claimed for each year from 2025 through 2030, with specific dollar amounts to be filled in (currently blank in the bill text).

• Sunsets on December 31, 2030, applies to taxable years beginning after December 31, 2024, with an effective date of July 1, 3000.