H.F. 923 - Barn Preservation Tax Incentives

• Exempts from property taxation the increase in assessed value resulting from improvements to farm structures constructed prior to 1937 that preserve the barn's internal and external features, effective for taxes payable in 2016 and thereafter.

• Allows a 25 percent income tax credit equal to 25 percent of qualified rehabilitation costs on eligible barns, with minimum costs of $25,000 or 25 percent of fair market value (whichever is less), for rehabilitation costs incurred within two years prior to project completion.

• Requires applications for both the property tax exemption and income tax credit to be submitted to assessing authorities or the State Historic Preservation Office before rehabilitation begins, with property tax exemption applications due by July 1 for the following tax year.

• Exemptions and credits terminate when the property is sold or the structure ceases to be used as a barn, with taxpayers required to notify assessing authorities of such changes.

• Defines "barn" as an agricultural structure used for storage of farm products, feed, or housing of farm animals, poultry, or farm equipment.