House Bill 1093
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DIGEST OF INTRODUCED BILL
Historic rehabilitation tax credits. 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. Repeals and replaces the current definition of "taxpayer" for purposes of the historic rehabilitation credit. 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.
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| ||In Committee - first House|