This bill amends existing laws to expand the eligibility of community revitalization tax relief credits for municipalities, allowing them to apply these credits to a broader range of properties and structures. Specifically, it modifies the definition of "qualifying structure" to include buildings used for office, commercial, or industrial purposes that are converted to residential use within designated conversion zones. Additionally, the bill introduces provisions for tax relief on new housing units that meet specific requirements, while also allowing municipalities to establish criteria for public benefits and housing affordability within designated housing opportunity zones.

Key changes include the deletion of the previous requirement that one-third of constructed housing units be designated for low-income households, replaced with the ability for municipalities to set their own criteria for housing affordability. The duration of tax relief is also adjusted, allowing for up to 7 years if no workforce housing is created, or up to 11 years if it is. Furthermore, the bill clarifies the definitions of "commercial use" and "industrial use" to align with existing law. The act will 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
HB1103 text: 79-E:2, 79-E:4-c, 79-E:4-d