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House Bill 1111


House Bill 1111

ARCHIVE (2012)

Latest Information

 

DIGEST OF HB 1111 (Updated February 29, 2012 12:44 pm - DI 84)


Historic preservation tax credits. Provides that to be eligible for the state historic rehabilitation tax credit (credit), the property must also have been vacant for at least one year. Increases the minimum amount of expenditures to qualify for the credit from $10,000 to $25,000. Provides that the amount of credits that may be certified by the division for a state fiscal year may not exceed $450,000 (excluding any credit amounts that are carried over from a previous year). Provides that after June 30, 2012, the division may not certify an additional credit until each credit certified before July 1, 2012, has been claimed (in whole or in part) by a taxpayer. In addition, provides that after June 30, 2012, the division may not, in any particular state fiscal year, certify an additional credit unless the credit may be certified for that particular state fiscal year. Provides that the amount of credits that the division may certify for a particular property in a state fiscal year may not exceed 20% of the total amount of credits that the division may certify for that state fiscal year. Requires the division to reserve 25% of the available credit for projects for which the approved qualified expenditures do not exceed $500,000. Prohibits the division from reallocating available tax credits from year to year. Provides that the fiscal body of a county or of a municipality (a designating body) may adopt an ordinance authorizing a credit against a taxpayer's local income tax liability or property tax liability (as specified in the ordinance adopted by the designating body) for the year in which the taxpayer completes the preservation or rehabilitation of certain historic property. Requires the ordinance to specify: (1) whether the credit will apply to a taxpayer's local income tax liability or a taxpayer's property tax liability; (2) the qualified expenditures that are eligible for the credit; (3) the percentage of the credit (not to exceed 20%); (4) any other conditions that must be satisfied before a taxpayer may claim a credit; and (5) the annual limit, if any, on the amount of credits that may be claimed under the ordinance. Provides that an ordinance adopted by a designating body that is a municipal fiscal body may allow a credit only for the preservation or rehabilitation of historic property that is located within the municipality. Provides that an ordinance adopted by a designating body that is a county fiscal body may allow a credit only for the preservation or rehabilitation of historic property that is located within the county and that is not located with a municipality.
Current Status:
 In Conference Committee
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