This bill amends the existing law regarding the historic preservation tax credit, specifically addressing the preservation of rights related to tax credits issued before a certain date. The amendment changes the date from January 1, 2023, to July 1, 2023, ensuring that any tax credits issued, awarded, or allowed prior to July 1, 2023, will not be adversely affected by the new provisions introduced in House File 2317. This includes the right for taxpayers to claim or redeem these credits, as well as any carryforward amounts.

The context of this amendment is rooted in the gradual reduction of the refundability of the historic preservation tax credit, which was set to begin with the tax year starting January 1, 2023. The original legislation allowed for 100 percent refundability, but this will decrease to 75 percent for tax years beginning on or after January 1, 2027. By extending the preservation of existing rights to July 1, 2023, the bill aims to provide additional protection for taxpayers who have already received tax credits before this new date.