This bill proposes several updates to current statutes regarding income tax credits for the rehabilitation of certified historic structures. It introduces new provisions under section 41-882, which establishes a certification process managed by the state historic preservation officer. This includes a structured application schedule, a point system for evaluating rehabilitation projects, and a requirement for a cost-benefit analysis to ensure that the rehabilitation produces a positive economic impact. The bill reserves a portion of the annual tax credit limit for projects in smaller municipalities and outlines specific criteria for certification, including compliance with federal rehabilitation standards and the establishment of a holding period for the certified structures.

Additionally, the bill amends existing tax credit provisions under sections 43-1080 and 43-1166, specifying the amount of credit available based on the rehabilitation expenses incurred. It allows for the transfer or sale of tax credits, provides guidelines for co-owners of businesses claiming credits, and clarifies the definitions of key terms such as "certified historic structure" and "qualified rehabilitation expense." The updates aim to enhance the effectiveness of tax incentives for historic preservation, thereby stimulating economic development through the reuse of historic properties.

Statutes affected:
Introduced Version: 41-882, 43-222, 43-1080, 43-1166, 41-511.02, 43-1079.01, 43-1088, 43-1089.04, 43-1167.01, 43-1175, 43-1072.02, 43-1074.02, 43-1075, 43-1076.01, 43-1077, 43-1078, 43-1083, 43-1083.02, 43-1162, 43-1164.03, 43-1183, 43-1073, 43-1082, 43-1085, 43-1086, 43-1089, 43-1089.01, 43-1089.02, 43-1089.03, 43-1164, 43-1165, 43-1181, 43-1074.01, 43-1168, 43-1170, 43-1178, 43-1073.01, 43-1081.01, 43-1083.03, 43-1084, 43-1164.04, 43-1164.05, 43-1184