An Act To Provide a Tax Credit for Revitalization of Historic Mill Facilities

CONCEPT DRAFT SUMMARY

This bill is a concept draft pursuant to Joint Rule 208.

This bill proposes to create a refundable tax credit to a taxpayer who owns and revitalizes a former mill facility that is a national historic landmark or is determined to be a historic landmark by the State Historic Preservation Officer. The details of the tax credit include:

1. The amount of the tax credit as a percentage of the expenditures incurred on revitalizing the historic structure;

2. The distinction between an income-producing and nonincome-producing historic structure for purposes of calculating the tax credit;

3. The application and approval procedure for a taxpayer to receive the tax credit;

4. The definition of a historic mill facility that qualifies for the tax credit;

5. The allocation of the tax credit amongst multiple principals of a pass-through entity that owns the structure;

6. The length of years that the credit must be amortized; and

7. Forfeiture provisions, including forfeiture for disposition or change of ownership, exceptions to forfeiture and liability from forfeiture.