S202 - Reenact Preservation Rehab Tax Credits

• Reenacts the Mill Rehabilitation Tax Credit (Article 3H) with credits of 40% for development tier one or two areas and 30% for tier three areas, applying to projects with at least $3,000,000 in qualified rehabilitation expenditures.

• Reenacts the Historic Rehabilitation Tax Credit (Article 3D) providing 20% credits for income-producing historic structures and 30% for non-income-producing structures, with enhanced 40% credits for former state training schools for juvenile offenders.

• Extends sunset dates for both tax credits from January 1, 2015 to January 1, 2021 for new applications and expenses incurred on or after the extension date.

• Allows credits to be claimed against franchise tax, income tax, or gross premiums tax (mill credit only) with carryforward periods of nine years (mill credit) or five years (historic credit).

• Requires the Department of Revenue to report annually on taxpayer participation, rehabilitation expenses, and total General Fund costs for both credit programs.