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Committee approves lowering rehab tax‑credit threshold to expand access for homeowners
Summary
House Bill 1493 would lower the minimum qualified rehabilitation expense to $5,000 for non‑income producing historic properties (from $25,000), expanding eligibility for homeowners and aiming to preserve historic properties with smaller projects; a preservation group testified in support.
The Revenue & Tax Committee approved House Bill 1493, which would expand eligibility for the state historic rehabilitation income tax credit by lowering the minimum qualified rehabilitation expense for non‑income producing properties from $25,000 to $5,000 and clarifying qualification criteria and certification timing.
Senator Sample presented the bill and said it clarifies that certified rehabilitation placed in service after Jan. 1, 2009 is eligible and adjusts minimum investment thresholds. Patricia Blick, executive director of the Quapaw Quarter Association, testified in support, saying the program has leveraged more than $227 million in private investment and that lowering the threshold would help homeowners undertake necessary repairs such as roofs or plumbing in a historically sensitive way.
Blick explained the program has not generally hit its statutory cap except for one year and said the original law includes prioritization rules should demand exceed available credits. The committee moved and seconded a do‑pass motion and approved HB 1493 by voice vote.
What happens next: HB 1493 advances to the House/Senate floor for further consideration depending on chamber procedures.
