This bill amends existing laws regarding the Community Revitalization Tax Relief Incentive to expand the types of properties eligible for tax relief credits. Specifically, it allows municipalities to include buildings used for office, commercial, or industrial purposes that are converted to residential use within designated conversion zones. The definition of "qualifying structure" is updated to reflect these changes, and the bill introduces new provisions for housing opportunity zones, where municipalities can establish criteria to promote housing affordability. The duration of tax relief is also modified, allowing for up to 7 years if no workforce housing is created, or up to 11 years if such housing is included.

Additionally, the bill clarifies the definitions of "commercial use" and "industrial use" to align with existing law, and it specifies that municipalities may grant tax relief for qualifying structures only once every 20 years. The effective date for these changes is set for April 1, 2027. Overall, the bill aims to incentivize the conversion of underutilized properties into residential units, thereby addressing housing shortages and promoting community revitalization.

Statutes affected:
Introduced: 79-E:2, 79-E:4-c, 79-E:4-d
HB1103 text: 79-E:2, 79-E:4-c, 79-E:4-d