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2024 SESSION

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HB 960 Historic rehabilitation; maximum amount of tax credit.

Introduced by: Alfonso H. Lopez | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED:

Historic rehabilitation tax credit; maximum amount of tax credit. Increases from $5 million to $7.5 million, beginning in taxable year 2025, the maximum amount of the historic rehabilitation tax credit, including amounts carried over from prior taxable years, that may be claimed by a taxpayer in any taxable year. This bill is identical to SB 556.

SUMMARY AS PASSED HOUSE:

Historic rehabilitation tax credit; maximum amount of tax credit. Increases from $5 million to $10 million the maximum amount of the historic rehabilitation tax credit, including amounts carried over from prior taxable years, that may be claimed by a taxpayer in any taxable year beginning in taxable year 2024. Beginning July 1, 2024, the aggregate amount of credits available shall not exceed $75 million per fiscal year.

SUMMARY AS INTRODUCED:

Historic rehabilitation tax credit; maximum amount of tax credit. Increases from $5 million to $10 million the maximum amount of the historic rehabilitation tax credit, including amounts carried over from prior taxable years, that may be claimed by a taxpayer in any taxable year beginning in taxable year 2024.