Introduced
by
To grant certain developers approved by state or local officials credits against the business income tax that are worth up to 25 percent of the amount spent to restore a structure that meets various criteria for being “historic.” Up to 90 percent of a credit valued below $250,000 would be "refundable," making these virtual cash subsidies. Developers could also "carry forward" any unused credit amount for up to 10 years.
Referred to the Committee on Tax Policy
