HB4054 Summary

• Increases the annual cap on historic preservation tax credits awarded by the State Historic Preservation Office from $15,000,000 to $45,000,000.

• Maintains the per-project limit of $3,000,000 in tax credits for a single qualified rehabilitation plan.

• Requires the Division to prioritize projects meeting criteria including locations in bordering counties with state historic credits, previously government-owned structures, low-income census tracts, projects with community development entities or nonprofits, or areas under federal disaster declarations.

• Mandates biennial reports assessing program effectiveness, including metrics on project applications, credits awarded, housing units created, jobs generated, and tax revenue impacts, with reports filed to the General Assembly on odd-numbered years through 2023.

• Establishes applicant milestones requiring evidence of financing within 12 months and closing on financing within 18 months of approval, with Director discretion to rescind approvals for failure to meet deadlines.