HB 1441 Summary

• Allows the historic rehabilitation income tax credit to be assigned from the original credit holder to another person, with the assignor providing copies of division certifications and notifying the department within 30 days.

• Expands the definition of "taxpayer" to include persons with credits awarded or assigned under the chapter, and specifically includes shareholders, partners, or members of pass-through entities that hold credits.

• Changes recapture provisions so the credit can be recaptured from either the original person receiving certification or from an assignee to whom property is transferred, but exempts transfers made as condominiums from recapture.

• Eliminates the reduction of adjusted basis for historic property if the person is entitled to a federal low-income housing tax credit under Section 42 of the Internal Revenue Code.

• Effective July 1, 2011, with authorization for temporary rules to be adopted upon passage.