HB 1093 - Historic Rehabilitation Tax Credits

• Allows historic rehabilitation income tax credits to be assigned from the credit holder to another person, with the assignor required to notify the department of state revenue and division of natural resources within 30 days and provide copies of required certifications to the assignee.

• Permits credit recapture from either the original person receiving certification or from an assignee if the property is transferred within five years of completion, except when transferred to another assignee or converted to a condominium.

• Redefines "taxpayer" to include individuals, corporations, S corporations, partnerships, limited liability companies, limited liability partnerships, nonprofit organizations, and joint ventures that hold assigned or awarded credits and have state tax liability.

• Exempts properties from adjusted basis reduction if the person is entitled to a federal low-income housing credit under Section 42 of the Internal Revenue Code.

• Effective July 1, 2010, with emergency rules authority for the Department of State Revenue and Department of Natural Resources to implement provisions.