SB1743 Summary: Revitalizing Downtowns Tax Credit Act

• Creates a 25% income tax credit for qualified taxpayers converting office buildings to residential, retail, or other commercial use, with minimum qualified expenditures of $15,000.

• Credit applies only to tax years beginning January 1, 2024 through December 31, 2026, with aggregate credit of 25% of qualified conversion expenditures.

• For residential conversions, requires 20% or more of units to be rent-restricted and affordable to residents earning 80% or less of municipal median gross income, plus a written binding State or local affordable housing agreement.

• Limits total annual tax credits to $15,000,000 with maximum of $3,000,000 per single project; prioritizes projects in counties bordering states with similar credits, formerly government-owned buildings, low-income census tracts, and disaster areas.

• Board must determine eligible expenditures within 45 days of complete application; excess credits may be carried forward up to 10 years; applicants must demonstrate project progress within 12-18 months or risk approval rescission.