This bill amends existing laws to expand the eligibility for community revitalization tax relief credits to include a broader range of properties and structures. Specifically, it allows municipalities to classify buildings used for office, commercial, or industrial purposes as "qualifying structures" if they are converted to residential use within designated conversion zones. The bill also introduces new provisions for tax relief related to substantial rehabilitation, new construction of housing units, and conversions from non-residential to residential use. The duration of tax relief is adjusted to a maximum of 7 years if no workforce housing is created, or up to 15 years if workforce housing is included.

Additionally, the bill modifies the definition of "office conversion zones" to encompass commercial and industrial uses, allowing municipalities to establish criteria for public benefits and housing affordability within these zones. It also clarifies that tax relief can only be granted once every 20 years for any property under this chapter. The effective date of the act is set for 60 days after its passage. Overall, the bill aims to promote housing development and affordability by providing municipalities with more tools to incentivize the conversion of underutilized properties into residential units.

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
HB1103 text: 79-E:2, 79-E:4-c, 79-E:4-d