RELATING TO A STATE HISTORIC PRESERVATION INCOME TAX CREDIT.

Establishes a 30% tax credit for qualified rehabilitation expenditures on certified historic structures, deductible from net income tax liability.

Sets an annual aggregate cap of $1,000,000 for each taxable year from 2025 through 2030.

The credit applies to taxable years beginning after December 31, 2024, and the program sunsets on December 31, 2030.

Defines 'certified historic structure,' 'qualified rehabilitation expenditures,' 'qualified staff,' 'rehabilitation plan,' and 'substantial rehabilitation' (requiring expenditures to exceed 25% of assessed value).

Requires taxpayers to submit certified statements to the state historic preservation division within 12 months of incurring costs, with failure to comply resulting in recapture of the credit.

Establishes recapture provisions if projects are not completed as projected or if taxpayers fail to comply with certification requirements.

Clarifies that credit basis for depreciation purposes is reduced by the credit amount, or alternatively, the credit is treated as a taxable income item.