Bill > H4213

This bill aims to revitalize residential neighborhoods in small towns by allowing municipalities with populations under 15,000 and low population density to implement a "neighborhood housing tax increment financing plan" (NH-TIF plan). This plan, overseen by the Executive Office of Housing and Community Development, would designate specific areas for revitalization and offer tax exemptions on property taxes for up to 30 years for eligible owner-occupied, 1-3 story homes. These exemptions would be calculated using an inflation adjustment factor to ensure their value is maintained over time. The bill also introduces tax benefits for improving neighborhood housing, including a 20% cost deduction and a tax credit of up to 50% of tax liability, which can be carried over for ten years and may even be refundable in certain cases, all subject to approval by the Secretary of Housing and Community Development. Additionally, it amends existing law to explicitly include support for neighborhood housing rehabilitation and improvement through various financial mechanisms.