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2024 Session

Budget Amendments - SB30 (Member Request)

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Chief Patron: Williams Graves
Adaptive Reuse of Underutilized Buildings Tax Credit (SB 512) (language only)

Item 0 #16s

Item 0 #16s

Revenues
Revenues

Language

Page 1, strike line 25 and insert:"

Official Revenue Estimate

$28,091,386,852

$29,616,902,918

$57,708,289,770

"



Explanation

(This amendment accompanies Senate Bill 512 establishing an income tax credit in taxable years 2024 through 2028 for eligible expenses incurred in converting office buildings to residential uses. The bill proposes an aggregate credit cap of $30.0 million, and this amendment assumes full utilization of the credit, which reduces general fund revenue by $30.0 million each year. The actual revenue impact is to be determined.)