Bill > SB00254

This bill establishes a program to provide tax credits for the conversion of commercial buildings into residential developments, aiming to increase housing availability. The program, administered by the Commissioner of Housing, will offer tax credit vouchers to owners or contributing taxpayers equal to ten percent of qualified conversion expenditures, which are costs directly related to the physical construction of the conversion. To be eligible, owners must submit a conversion plan for approval, demonstrating how the project meets standards, including considerations for affordable housing, and must incur at least fifteen thousand dollars in qualified conversion expenditures. The maximum tax credit per dwelling unit is thirty thousand dollars for non-nonprofit owners and fifty thousand dollars for nonprofit corporations, with an annual aggregate limit of three million dollars for all reserved credits. The Commissioner of Revenue Services will then grant these credits against state income taxes, with provisions for refunds of excess credit amounts and carry-forward options for nonprofit corporations.

Housing and Urban Affairs

Housing Committee (Joint)

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