This bill amends the existing law regarding the historic preservation tax credit, which is available against individual and corporate income taxes, the franchise tax, and the insurance premiums tax. The amendment specifically expands the preservation of existing rights related to the tax credit, ensuring that any tax credits issued, awarded, or allowed prior to July 1, 2023, will not be adversely affected by the changes made in the law. This includes the right of taxpayers to claim or redeem these credits, as well as any carryforward amounts associated with them.

Previously, House File 2317 had reduced the refundability of the historic preservation tax credit from 100 percent to 75 percent for tax years beginning on or after January 1, 2027. The current bill seeks to protect taxpayers by extending the preservation of rights provision to include credits issued before July 1, 2023, thereby mitigating the impact of the changes introduced by House File 2317 on existing tax credits.