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2024 SESSION

• | print version

SB 512 Income tax, state; adaptive repurposing of underutilized structures.

Introduced by: Angelia Williams Graves | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Income tax credit; adaptive repurposing of underutilized structures. Creates a nonrefundable income tax credit in taxable years 2024 through 2028 for eligible expenses, defined in the bill, incurred in converting office buildings to residential uses. The credit may be claimed only in the year during which a qualified converted building, defined in the bill, is placed into service and is equal to (i) 20 percent or (ii) 30 percent in an at-risk locality, defined in the bill, of the amount of eligible expenses incurred. No single taxpayer may claim more than $2.5 million in credits in any single taxable year and the credit is subject to an aggregate annual cap of $30 million.

FULL TEXT

• 01/09/24  Senate: Prefiled and ordered printed; offered 01/10/24 24100320D  pdf | impact statement

HISTORY

• 01/09/24  Senate: Prefiled and ordered printed; offered 01/10/24 24100320D
• 01/09/24  Senate: Referred to Committee on Finance and Appropriations
• 02/07/24  Senate: Passed by indefinitely in Finance and Appropriations with letter (15-Y 0-N)