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IN HB1221
Bill
Status
1/13/2015
Primary Sponsor
Edward Clere
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AI Summary
HB 1221 Summary
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Creates a new historic preservation grant program administered by the office of community and rural affairs, providing grants up to 20% of qualified expenditures for preservation or rehabilitation work on registered historic properties at least 50 years old.
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Expands the historic rehabilitation tax credit to apply to vacant properties (at least 50% vacant for one year), establishes four credit calculation methodologies ranging from 20-40% of qualified expenditures, and eliminates the $100,000 per-project cap.
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Phases in increases to the annual statewide tax credit cap from $2,500,000 (fiscal year 2015) to $10,000,000 (fiscal year 2018 and beyond), and prohibits reallocating unused credits between years.
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Allows tax credits to be assigned to other persons, excludes property basis reduction when federal low-income housing tax credits apply, and creates a scoring system for enhanced credits based on rural location, median household income, and building quality.
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Increases the minimum qualified expenditure threshold from $10,000 to $25,000 for both the grant program and tax credit, and authorizes the office to adopt emergency rules for administration.
Legislative Description
Grants and tax credits for historic preservation. Authorizes the office of community and rural affairs (office) to administer a grant program for the preservation of historic properties. Provides that the income tax credit for the preservation of historic properties applies to the preservation or rehabilitation of historic properties that have been vacant for at least one year. Establishes four new methodologies for determining the amount of the tax credit. Provides that a property's adjusted basis is not reduced by the amount of the credit if a person is entitled to a federal low income housing tax credit. Changes numerous spending
Last Action
First Reading: referred to Committee on Ways and Means
1/13/2015