HB 1130 Summary

• Increases the annual cap on tax credits issued under the Distressed Areas Land Assemblage Tax Credit Act from $20 million to $30 million per year, while maintaining the total aggregate limit of $95 million.

• Expands eligible project areas to include redevelopment areas under the real property tax increment allocation act that contain at least 300 acres, over 1 million square feet of commercial building space, 80+ parcels, and are located in low-income communities.

• Adds attorney's fees, architectural and planning costs, and engineering costs to the definition of allowable acquisition costs, and extends the maintenance cost period to five years after acquisition.

• Provides that projects in the newly qualified redevelopment areas are exempt from the 75% redevelopment limitation and co-redeveloper requirements that apply to other eligible projects.

• Extends the authorization deadline for issuing new tax credits from August 28, 2013 to August 28, 2017, and changes application filing from annual to quarterly basis.