Plain English Breakdown
The source material confirms the bill amends Title 48, Article 2 of Chapter 7 regarding income tax credits but does not provide details on credit amounts or specific eligibility criteria beyond 'preapproved' status.
HB360: Changes to Tax Credits for Fixing Historic Buildings
This law changes the rules so that taxpayers can claim a tax credit in the year they get an occupancy certificate for certain preapproved historic building repairs.
What This Bill Does
- Revises the income tax credit available for rehabilitating historic structures.
- Allows the credit to be claimed in the taxable year when a certificate of occupancy is obtained.
- Applies these new timing rules only to certain preapproved rehabilitations.
Who It Names or Affects
- Taxpayers who are rehabilitating historic structures and have received preapproval for their projects.
Limits and Unknowns
- The official summary does not define what qualifies as a 'preapproved' rehabilitation.
- The text does not specify if this change applies to projects that started before the effective date of July 1, 2025.