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IN HB1275
Bill
Status
Introduced
1/11/2012
Primary Sponsor
Ryan Dvorak
Click for details
AI Summary
- Allows the historic rehabilitation income tax credit to be assigned (transferred) to another person, with notification requirements to the division and department within 30 days of assignment
- Creates an exception to the 5-year recapture rule, permitting property transfers without recapture if transferred to an assignee who will own and use the property as required, or if transferred as a condominium
- Eliminates the requirement to reduce the adjusted basis of historic property by the credit amount if the owner also receives a federal low-income housing tax credit under Section 42 of the Internal Revenue Code
- Prohibits assignment of the credit to a holder of a federal historic rehabilitation credit under Section 47 of the Internal Revenue Code for the same property
- Applies to tax credits awarded for taxable years beginning after December 31, 2012, with the assignment provision effective July 1, 2012
Legislative Description
Historic preservation tax credit.
Last Action
First reading: referred to Committee on Ways and Means
1/11/2012
Full Bill Text
No bill text available