S.F. No. 5194 - Summary

• Establishes a refundable tax credit equal to not more than 30 percent of qualifying conversion expenses for converting buildings that are at least 15 years old into new uses or returning vacant space to occupancy.

• Requires retention of at least 75 percent of existing external walls (with 50 percent kept as external walls) and 75 percent of internal structural framework to qualify for the credit.

• Allows applicants to claim a credit, receive a grant in lieu of credit, or a combination of both; grants may be paid in installments as prescribed by the Commissioner of Employment and Economic Development.

• Requires annual economic impact reports and a comprehensive five-year report by December 31, 2030, detailing project locations, material reuse, occupancy rates, energy savings, and employment data.

• Credit program expires after fiscal year 2030, though authority to issue certificates for applications submitted before 2031 continues through 2034, with reporting requirements through 2035 or when all certificates are resolved.