Substitute House Bill No. 5190, also known as Public Act No. 24-109, is a legislative measure aimed at providing tax credits for the rehabilitation of historic homes. The bill amends Section 10-416 of the 2024 supplement to the general statutes, effective from July 1, 2024, and is applicable to taxable and income years starting January 1, 2024. It defines key terms related to historic homes and sets the eligibility criteria for tax credit vouchers, which amount to thirty percent of the qualified rehabilitation expenditures. The Department of Economic and Community Development (DECD) is responsible for administering the tax credit voucher system and establishing standards for rehabilitation plans. The bill includes changes to the legal language, such as expanding the range of chapters against which tax credits can be claimed and removing a specific provision for nonprofit corporations. It also allows for the refund of excess tax credit amounts without interest and permits unused tax credits to be carried forward for four years.

The bill specifies that the tax credit for each dwelling unit is capped at $30,000, except for nonprofit corporations, which may receive up to $50,000 per unit. Tax credits must be claimed in the same tax year the voucher is issued. Additionally, the DECD is limited to reserving no more than $3 million in tax credits per fiscal year for the certification of rehabilitation plans, with at least 70% of these credits allocated to homes in designated regional centers starting July 1, 2015. The DECD is also tasked with consulting the Commissioner of Revenue Services to adopt regulations for implementing the act. The bill does not indicate specific insertions or deletions to existing law, suggesting it may be a new provision. The bill was approved on June 4, 2024.