Bill > S09071

This bill authorizes the pass-through or transfer of the credits for rehabilitation of historic properties, allowing the allocation of the state rehabilitation credit to be made separately from any federal rehabilitation credit. The bill also establishes a "Historic Rehabilitation Tax Credit Transfer Program" that allows taxpayers or pass-through entities to transfer the state rehabilitation credit, in whole or in part, to any transferee or non-profit transferee. The bill requires reporting of the transfer of the credit and directs the Commissioner to promulgate regulations to administer the provisions of the new program. The bill applies to taxable years beginning on and after January 1, 2025.