The proposed bill, General Assembly Proposed Bill No. 6787, seeks to amend chapter 184b of the general statutes to allow certain common interest communities to qualify for tax credits aimed at the rehabilitation of historic properties. Specifically, the bill stipulates that common interest communities with more than four dwelling units can be eligible for these tax credits if they meet three criteria: they must be located in a financially distressed municipality, they must be individually listed on the National or State Register of Historic Places or situated in a district that is listed, and they must have been certified by the Department of Economic and Community Development as contributing to the historic character of that district. Additionally, more than half of the dwelling units in the community must be owner-occupied, or the community must be certified by the Federal Housing Administration.

The bill introduces new legal language to facilitate these tax credits while making no deletions from existing law. The intent of the legislation is to support the preservation and rehabilitation of historic common interest communities, thereby enhancing their value and contributing to the overall revitalization of financially distressed areas.