Modifies provisions of the rebuilding communities and neighborhood preservation act to establish a tax credit for critical revitalization property

HB 1498 creates a 15% state income tax credit for property owners renovating or building in designated historic districts. It applies to occupied residential or commercial properties within National Register-listed historic districts that meet specific income criteria (e.g., in census areas with median household income between 70%-90% of regional averages). The credit covers eligible renovation costs like architectural services and construction, with a maximum $40,000 per project over ten years, while excluding costs covered by other grants. New construction must avoid flood zones and agricultural land, and properties must not be in distressed communities for certain eligibility.