This bill introduces a historic housing tax credit and provides appropriations for various housing-related programs. It amends RSA 204-C by adding a new subdivision that defines terms related to the tax credit, such as "Contributor," "Eligible structure," "Historical structure," "Pledge," and "Project." The bill establishes a tax credit of 65 percent of contributions made to the authority for projects, which can be applied against certain state taxes, with a maximum credit of $1,000,000 per tax year and a total annual cap on contributions eligible for credit at $5,000,000. Unused credits can be carried forward for up to five years. The bill also includes appropriations of $8 million to the Department of Health and Human Services for emergency shelter programs, $2 million for housing stabilization and eviction prevention, $25 million to the Housing Finance Authority for affordable housing, and $30 million to the Department of Business and Economic Affairs to accelerate the approval of affordable workforce housing.

The fiscal note indicates that the bill will result in an appropriation of $65 million, with an indeterminate decrease in state revenue due to the tax credit, which could be up to $3.25 million in FY 2024. The bill specifies that the tax credit will be available against the Business Profits Tax, Business Enterprise Tax, and/or the Insurance Premium Tax. The bill is set to take effect on July 1, 2023. The fiscal note also mentions deletions and insertions in the legal language, indicating changes to the current law, but specific details of these changes are not provided in the summary.

Statutes affected:
As Amended by the Senate: 77-A:5