Veterans Housing Redevelopment Tax Credit Act

HB 5389 creates a 30% transferable tax credit for nonprofit organizations that convert existing hotels, motels, or commercial buildings into housing for homeless veterans. The credit covers 30% of qualified redevelopment costs (like renovation and infrastructure) but excludes land acquisition, and can be applied against corporate income, personal income, or business franchise taxes. Nonprofits can sell or transfer the unused credit to other taxpayers to generate funding, with credits carrying forward up to 10 years. This aims to incentivize supportive housing without creating new state spending or entitlements, targeting veterans facing homelessness through adaptive reuse of underutilized properties.