Substitute House Bill No. 5190, Public Act No. 24-109, is an act that amends the existing law to provide tax credits for the rehabilitation of historic homes, effective July 1, 2024. The bill defines relevant terms and sets criteria for eligibility, including the requirement for the home to be listed on the National or State Register of Historic Places and to be the owner's principal residence for at least five years post-rehabilitation. It allows for a tax credit voucher equal to thirty percent of qualified rehabilitation expenditures, with a minimum expenditure of fifteen thousand dollars required. The bill makes changes to the law, including expanding the range of state taxes against which the credit can be claimed and removing the ability for nonprofit corporations to claim credits against taxes due under chapter 208a. It also specifies the treatment of excess tax credit amounts and the carryforward of unused portions of the tax credit.

The bill sets a limit of $30,000 per dwelling unit for the tax credit, except for nonprofit corporations, which may receive up to $50,000 per unit. It caps the aggregate amount of tax credits at $3 million per fiscal year, with seventy percent reserved for homes in designated regional centers. The tax credit must be claimed in the same tax year the voucher is issued, and owners must provide a copy of the voucher to the Commissioner of Revenue Services upon request. The DECD is tasked with issuing tax credit vouchers and is authorized to adopt regulations to implement the act, in consultation with the Commissioner of Revenue Services. The act was approved on June 4, 2024.