Explanation

(This amendment reflects the provisions of House Bill 1363, 2018 Session of the General Assembly, which provides that a project may qualify as eligible for the state historic rehabilitation tax credit if it involves rehabilitating property for new use as a school. Current law requires projects to be used either for their historic purpose or for a new use that requires minimal change to the defining characteristics of the building. The bill also provides that for a project rehabilitating a school or a structure to be used as a school expenses incurred in such project shall be eligible for the credit regardless of whether the person who incurs the expenses owns the building. The bill provides that a building qualifies as a historic structure if it is a public school in a school division in which at least half the schools receive funding pursuant to Title I of the federal Elementary and Secondary Education Act. The bill provides that if a project rehabilitates a school, the project qualifies as a material rehabilitation if it costs at least 10 percent of the school's assessed value. Under current law, projects generally must cost at least 50 percent of the assessed value of a building to qualify.)