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 Finance
Reported without amendment
With the recommendation that the substitute (S-4) be adopted and that the bill then pass.
Passed in the Senate 32 to 5 (details)
To grant certain developers approved by state or local officials business income tax credits that are worth up to 25 percent of the amount spent to restore a structure that meets various criteria for being “historic.” Developers could "carry forward" any unused credit amount for up to 10 years. The bill would explicitly authorize foregoing up to $5 million in state revenue each year in order to deliver these subsidies.
Referred to the Committee on Government Operations
Reported without amendment
Without amendment and with the recommendation that the bill pass.
Passed in the House 81 to 24 (details)
To grant certain developers approved by state or local officials business income tax credits that are worth up to 25 percent of the amount spent to restore a structure that meets various criteria for being “historic.” Developers could "carry forward" any unused credit amount for up to 10 years. The bill would explicitly authorize foregoing up to $5 million in state revenue each year in order to deliver these subsidies.
