SB 512

Abstract

Income tax credit; adaptive repurposing of underutilized structures. Creates a nonrefundable income tax credit in taxableyears 2024 through 2028 for eligible expenses, defined in the bill,incurred in converting office buildings to residential uses. Thecredit may be claimed only in the year during which a qualified convertedbuilding, defined in the bill, is placed into service and is equalto (i) 20 percent or (ii) 30 percent in an at-risk locality, definedin the bill, of the amount of eligible expenses incurred. No singletaxpayer may claim more than $2.5 million in credits in any singletaxable year and the credit is subject to an aggregate annual capof $30 million.