Authors: Representative Edward Clere
Co-authors: Representative Sharon Negele, Representative Edmond Soliday, Representative Ryan Dvorak
Authorizes the office of community and rural affairs (office) to administer a grant program for the preservation of historic properties. Provides that the income tax credit for the preservation of historic properties applies to the preservation or rehabilitation of historic properties that have been vacant for at least one year. Establishes four new methodologies for determining the amount of the tax credit. Provides that a property's adjusted basis is not reduced by the amount of the credit if a person is entitled to a federal low income housing tax credit. Changes numerous spending floors and caps relating to the tax credit. Phases in increases to the annual statewide cap on the tax credit until the cap is $10,000,000. Allows the tax credit to be assigned. Specifies that the office may adopt emergency rules. Voids a rule providing that the maximum amount of tax credits for a particular project is $100,000. Prohibits the office from reallocating available tax credits from year to year.