Bill > S06021

This bill establishes two new tax credit programs for historic rehabilitation projects: the "large projects historic rehabilitation tax credit" and the "white elephant" housing historic rehabilitation projects tax credit program. These programs are designed to incentivize the restoration of historic structures, particularly those that have been vacant for at least ten out of fifteen consecutive years and require significant investment, defined as "qualified rehabilitation expenditures" totaling fifty million dollars or more. The bill amends existing tax laws to extend the duration of these credits and adjusts certain credit limitations and eligibility requirements, including provisions for "phase II" projects and the transferability of credits. It also introduces new reporting requirements for the state to track the impact of these tax credits.