HB3026 Summary

• Caps aggregate historic preservation tax credits awarded to a single taxpayer at $3,000,000, with credits equal to 25% of qualified expenditures.

• Changes the expenditure requirement from "or exceed" to "and exceed" the adjusted basis of the structure, requiring expenditures to both equal at least $5,000 and exceed the structure's adjusted basis.

• Extends the historic preservation credit to limited liability companies (LLCs), allowing credits to pass through to members similar to partnerships and S-corporations.

• Prohibits taxpayers from receiving both historic preservation credits and River Edge redevelopment credits for the same qualified expenditures or rehabilitation plan.

• Authorizes the Division to allocate $15,000,000 in annual tax credits with $3,000,000 maximum per single rehabilitation plan, prioritizing applications in economically disadvantaged areas and structures previously owned by government entities.