Bill > A02889

This bill establishes the large projects historic rehabilitation tax credit and the "white elephant" housing historic rehabilitation projects tax credit program for qualified rehabilitation expenditures totaling fifty million dollars or more with respect to a certified historic structure that has been vacant for at least ten of fifteen consecutive years preceding the date of the taxpayer's application for the rehabilitation credit. The bill provides for a 100% tax credit for white elephant projects, with the credit capped at $15 million, and a 30% tax credit for regular historic rehabilitation projects, with the credit capped at $300,000 for white elephant projects and $100,000 for other projects. The bill also establishes reporting requirements for the state parks department and the department of taxation and finance on the tax credit programs.