Under existing law, a state income tax credit is provided under certain conditions for qualified rehabilitation expenditures for the substantial rehabilitation of certified historic structures. The aggregate amount of all tax credits is limited for the tax years 2023 through 2027 and the program sunsets following tax year 2027. This bill would extend the tax credits for qualified rehabilitation expenditures for substantial rehabilitation of certified historic structures through tax year 2032 and increase the annual limit on credits. The bill would also provide certain definitions and increase the credit amount for properties located in rural communities. The bill would also make nonsubstantive, technical revisions to update existing code language to current style.

Statutes affected:
Introduced: 40-9F-31, 40-9F-33, 40-9F-36, 40-9F-31, 40-9F-33, 40-9F-36