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2000 SESSION

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HB 817 Tax credits for business activities in historic districts.

Introduced by: Jeannemarie Devolites | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Income tax; tax credits for qualifying business activities in historic district enterprise zones. Allows a tax credit to business firms for their qualifying business activities in historic district enterprise zones. The amount of the credit is the lesser of (i) $25,000 per year or (ii) 25 percent of the taxes imposed per year with respect to the qualifying business activity. The credit shall not exceed the business firm's tax liability and any unusable credit may be carried over for 10 years.

Localities must designate a historic district enterprise zone in which the business firm locates or is located at the time of such designation and the firm must undertake qualifying business activities. Any business firm applying to the Department for a credit shall attach a certification by the governing body of the locality. The governing body's certification shall establish that (i) the structure in which the business activity is conducted is located within a historic district enterprise zone as designated by the governing body of the locality; and (ii) the business activity was (a) not previously conducted within the zone by the business firm and is conducted in a structure that is determined by the governing body of the locality to be compatible with the architectural standards of the historic district enterprise zone as determined by the governing body of the locality or (b) previously conducted by the business firm within such zone immediately prior to its being designated as a zone and is conducted in a structure which is maintained in accordance with the local historic district enterprise zone ordinance as determined by the governing body of the locality.


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