HB 308 Revise Historic Buildings Tax Credit

The bill would:

  • Create a new cap of $5 million for certified rehabilitations completed after July 1, 2013.
  • Allow DNR to designate two rehabilitations plans per year that are not subject to the $5 million cap.
  • Allow for earned tax credits to be split into four equal installments of which any portion could be assigned to members/shareholders invested in the rehabilitation venture.
  • Require written notification within 30 days of assignment/allocation of tax credit to DOR.
  • Specifies that the person who originally earned the tax credit is liable for the tax if the property is sold within 3 years.
  • Specifies that the person who originally earned the tax credit is liable for the tax if the credits are subsequently disallowed, reduced, adjusted, or recaptured.

Download HB 308