SB1113
Income tax, state; tax credit for adaptive repurposing of underutilized structures.
Summary
As Introduced. Income tax credit; adaptive repurposing of underutilized structures; Affordable Dwelling Units.
Creates a nonrefundable income tax credit in taxable years 2025 through 2029 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 ... (More) 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. (Less)-
Bill History
- 01/07/2025 - Senate: Prefiled and ordered printed; Offered 01-08-2025 25102487D
- 01/07/2025 - Senate: Referred to Committee on Finance and Appropriations
- 01/18/2025 - Senate: Impact statement from TAX (SB1113)
- 02/05/2025 - Senate: Left in Finance and Appropriations
