Bill Summary: Am. H.B. No. 135

• Establishes a tax credit program for rehabilitation of vacant industrial sites, allowing owners/developers to claim nonrefundable credits against income tax and business taxes (insurance company, financial institution, and severance taxes).

• Requires county or municipal corporations to apply to the director of development services for designation of a vacant facility as an "industrial recovery site," including submission of a development plan and legislative resolution.

• Defines eligible vacant facilities as buildings at least 15 years old previously used for manufacturing/industrial purposes where at least 75% of square footage has been unused for industrial activity during the preceding 5 years.

• Authorizes tax credit certificates equal to 15-25% of qualified rehabilitation investments, with the percentage based on facility age (15-30 years = 15%, 30-40 years = 20%, 40+ years = 25%).

• Limits tax credit certificate issuance to 60 months after the effective date and allows certificate owners to assign credits to other persons; establishes annual reporting requirements through the sixth year of the program.