Revitalizing Downtowns Act

This bill creates a 20% tax credit for property owners who convert older office buildings (at least 25 years old) to residential, retail, or other commercial uses. To qualify, conversions must meet specific requirements, including that for residential conversions, at least 20% of units must be rent-restricted for low-income residents (earning 80% or less of area median income). The credit applies to qualified conversion costs incurred after the bill's enactment and aims to encourage revitalizing downtown areas with excess office space. This policy change directly affects commercial property owners and developers who convert eligible buildings.