DIGEST OF INTRODUCED BILL
Historic preservation income tax credit. Provides that the historic rehabilitation income tax credit may be assigned. Provides that the credit may be recaptured from the person who receives the certification or from an assignee to whom the property is transferred. Provides that the transfer of the property as a condominium does not cause the credit to be recaptured. (Current law provides that the credit is recaptured if the property is transferred within five years of the completion of the rehabilitation or preservation.) Provides that the adjusted basis of the property is not reduced by the amount of credit if a person is entitled to a federal low income housing credit for the historic property. Increases the amount of the credit to 40% of qualified expenses for the rehabilitation or preservation of a historic property if the qualified expenses are less than $2,000,000. (Current law provides that the amount of the credit equals 20% of qualified expenses.) Increases the credit to 40% of qualified expenses if the credit is awarded to rehabilitate or preserve a: (1) school; (2) hospital; or (3) project that receives a grant from the Indiana main street program. Increases the basis of qualified expenses for the preservation or rehabilitation of historic property which is located in a United States Housing and Urban Development qualified census tract or difficult to develop area. Provides that the division of historic preservation and archeology of the department of natural resources may collect a fee that equals 2.5% of qualified expenses for projects with over $2,000,000 qualified expenses. Provides that the fee is used to pay for administrative costs associated with certifying historic property for the tax credit. Establishes the historic rehabilitation fund. Provides that the fee collected by the division of historic preservation and archeology shall be deposited into the fund. Provides that money in the fund in excess of $10,000,000 reverts to the state general fund at the end of a fiscal year. Repeals the annual statewide limit for the credit.