HB 3428 Summary

• Authorizes an income tax credit equal to 50% of eligible costs for construction of qualifying hotel facilities for taxable years 2015-2019

• Defines "eligible costs" as construction materials, architectural and engineering fees, direct and indirect labor, and other expenditures directly related to hotel facility construction

• Defines "qualifying hotel facility" as improvements for temporary occupancy (minimum 1 day, maximum 30 days) located within 150 feet of an organization licensee conducting horse racing and gaming activity

• Tax credit cannot reduce income tax liability below zero and may be carried over to the next five succeeding taxable years if not fully used

• Effective date: January 1, 2015