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State Budget

2024 Session

Budget Amendments - HB30 (Committee Approved)

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Historic Preservation Tax Credit (language only)

Item 3-5.17 #1h

Item 3-5.17 #1h
Adjustments and Modifications to Tax Collections
Historic Preservation Tax Credit

Language

Page 578, line 47, strike "2017" and inert "2024".

Page 578, line 49, strike "$5" and insert "$10".

Page 578, line 49, after "year." insert:

"Beginning July 1, 2024, the aggregate amount of credits that may be claimed by all taxpayers under this section shall not exceed $75 million per fiscal year. In the event that the amount of credits claimed exceeds $75 million, then the tax credits shall be allocated to taxpayers on a pro rata basis and any unclaimed credits may be carried forward in the next ten taxable years or until the full credit is used, whichever occurs first."

Explanation

(This amendment conforms budget language to the provisions of House Bill 960 of the 2024 General Assembly, which proposes to increase the individual tax payer cap for the the Historic Preservation Tax Credit program from $5.0 million to $10.0 million, and adds a total aggregate cap to the program of $75 million.)

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