Bill > S04174

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 allows for a 100% credit for large projects and white elephant projects, with a higher cap of $15 million for white elephant projects compared to $5 million for other projects. The bill also establishes reporting requirements on the use of these tax credits.