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. It specifically modifies the preservation of existing rights provision to extend the protection of tax credits issued, awarded, or allowed prior to July 1, 2023. The new language clarifies that the division of the Act is not intended to limit or adversely affect any tax credits or the rights of taxpayers to claim or redeem these credits prior to this date.

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, while preserving rights for credits issued before January 1, 2023. This bill expands that preservation to include credits issued before July 1, 2023, ensuring that taxpayers retain their rights to claim or redeem these credits without modification or limitation.