2008 Senate Bill 1647

Extend carry-forward of “historic resource” rehab tax breaks

Introduced in the Senate

Nov. 13, 2008

Introduced by Sen. Hansen Clarke (D-1)

To extend to 30 years the “carry forward” on income tax credits granted for the rehabilitation of a “historic resource” (usually a commercial structure). Carryforwards” happen when a person is granted a non-refundable tax break larger than its total tax liability for one year, and is allowed to “carry forward” the unused portion of the credit to offset future tax year taxes.

Referred to the Committee on Finance