SF 3990 Summary

• Allows the full certified historic structure rehabilitation tax credit to be claimed in the year the qualified building is placed in service, rather than being spread over five years as required under federal law.

• Permits the commissioner of administration to issue a grant equal to 90 percent of the allowed federal credit as an alternative to the tax credit.

• Allows insurance companies to claim the credit against insurance premiums tax under chapter 297I instead of income tax.

• Repeals the sunset provision that would have expired the historic structure credit program after fiscal year 2021.

• Effective for taxable years beginning after December 31, 2017.