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Senate committee advances changes to historic rehabilitation tax credit; adds townships and unincorporated areas
Summary
The committee approved Senate Bill 227 with an amendment that adjusts credit percentages by city population and expenditure tiers, extends higher credit rates for certain nonprofit properties, and adds townships and unincorporated areas to the lowest population tier; the bill was passed out of committee as amended.
The committee voted to pass Senate Bill 227 as amended, a bill that revises the rehabilitation tax credit for qualified historic structures. The amendments clarify which populations and geographic areas are eligible for different credit percentages and set an effective date for the changes.
Under the bill’s changes as described to the committee, the 25% credit would apply to qualified rehabilitation expenditures between $5,000 and less…
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