This bill amends the existing law regarding the historic preservation tax credit, which is applicable 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 this division of the Act will not limit or adversely affect any tax credits or the rights of taxpayers to claim or redeem these credits prior to the specified date.

Additionally, the bill addresses changes made in House File 2317, which gradually reduces the refundability of the historic preservation tax credit starting from the tax year beginning January 1, 2023, down to 75 percent refundable for tax years beginning on or after January 1, 2027. The previous law allowed for 100 percent refundability. By expanding the preservation of existing rights to include credits awarded before July 1, 2023, the bill aims to mitigate the impact of the changes introduced in House File 2317 on taxpayers who have already received these credits.