This bill expands the eligibility for community revitalization tax relief credits to include a broader range of properties and structures, specifically allowing municipalities to apply these credits to buildings used for office, commercial, or industrial purposes that are converted to residential use. The bill amends existing definitions in RSA 79-E:2, II(g) to include these types of structures and introduces new provisions for tax relief related to substantial rehabilitation, new construction of housing units, and conversions to residential use. Additionally, it establishes criteria for municipalities to promote housing affordability within designated housing opportunity zones.

Key changes include the reduction of the maximum tax relief period from 10 years to 7 years if no workforce housing is created, or extending it to 15 years if workforce housing is included. The bill also modifies the terminology from "office conversion zones" to "residential conversion zones" and allows municipalities to set specific criteria for public benefits and goals related to housing affordability. Furthermore, it clarifies the definitions of "commercial use" and "industrial use" in accordance with existing law. The act is set to take effect 60 days after its passage.

Statutes affected:
Introduced: 79-E:2, 79-E:4-c, 79-E:4-d
As Amended by the House: 79-E:2, 79-E:4-c, 79-E:4-d
As Amended by the Senate: 79-E:2, 79-E:4-c, 79-E:4-d
Version adopted by both bodies: 79-E:2, 79-E:4-c, 79-E:4-d
CHAPTERED FINAL VERSION: 79-E:2, 79-E:4-c, 79-E:4-d
HB1103 text: 79-E:2, 79-E:4-c, 79-E:4-d