Bill > HB5430

This bill amends the Income Tax Act of 1967 to modify the state historic preservation tax credit program. The key provisions include: - Extending the credit, which was previously limited to projects completed by December 31, 2030, to have no end date. - Increasing the annual cap on the total amount of credits that can be reserved, from $5 million per year through 2023 to $100 million per year starting in 2024. - Establishing different credit percentages and credit caps based on the size and type of historic resource (large non-residential, medium non-residential, small non-residential, or residential). - Streamlining the application and approval process, including reducing review timelines. - Allowing qualified taxpayers to receive a refund of the credit amount that exceeds their tax liability, rather than a carryover, for projects with credits under $500,000. - Providing additional categories of historic resources that can qualify for the credit. - Authorizing the assignment and monetization of the credits. The bill aims to continue and expand the state's historic preservation tax credit program to encourage the rehabilitation of historic buildings and resources.