IN HB1547

Allows the historic rehabilitation income tax credit to be assigned to other parties and prevents recapture when property is transferred to an assignee or converted to condominiums

Increases the credit from 20% to 40% of qualified expenses for projects under $2,000,000, and for rehabilitation of schools, hospitals, or properties receiving Indiana Main Street Program grants

Raises the minimum qualified expenditure threshold from $10,000 to $25,000 and applies a 1.3 multiplier to qualified expenses for properties in HUD-designated difficult development areas or qualified census tracts

Gradually increases the annual statewide credit cap from $450,000 to $10,000,000 by fiscal year 2017, while limiting any single project to 20% of the annual cap and reserving 20% for projects with expenditures under $250,000

Establishes the historic rehabilitation credit fund, funded by a 2.5% fee on projects exceeding $2,000,000 in qualified expenses, to cover administrative costs of certification