Income tax; rehabilitation of certified structures; increase amount of tax credits

The document header was updated to change the title from a standard substitute to a 'Committee Substitute' and added the names of the sponsoring representatives.

A blank line separating the committee header from the bill text was removed.

The maximum tax credit for a single certified structure was increased from $10 million to $15 million for projects creating 200+ jobs or $5 million in payroll.

The total annual cap on tax credits for certified structures (other than historic homes) was doubled from $30 million to $60 million.

Minor formatting adjustments were made to the committee name and bill text layout.

The effective date for the tax credit program was moved from July 1, 2025, to July 1, 2026, delaying when the new rules apply.

The maximum annual aggregate credit limit for certified structures that are not historic homes was increased from $30 million to $60 million.

The credit percentage for non-historic structures in counties with fewer than 50,000 people was updated to include a 10% additional credit for projects starting on or after January 1, 2026.

The definition of 'substantial rehabilitation' was changed to require that qualified expenditures exceed a higher threshold, with at least 5% of costs allocated to exterior work over a 24-month period.

The maximum tax credit amount was revised from a fixed dollar cap to a percentage of the property's adjusted basis (50% for historic homes, 20% for other structures), with specific dollar minimums and maximums.

The minimum expenditure required to qualify for the maximum credit on non-historic structures was increased, and the aggregate annual credit limit for non-historic structures was raised.

The applicability date for the tax credits was shifted from taxable years beginning on or after January 1, 2025, to taxable years beginning on or after January 1, 2026.