SB 1113: Income tax, state; tax credit for adaptive repurposing of underutilized structures.

Official summary

Abstract published by the legislature (via Open States). Text as published by the legislature; reproduced verbatim.

Income tax credit; adaptive repurposing of underutilized structures; Affordable Dwelling Units. Creates a nonrefundable income tax credit in taxable years 2025 through 2029 for eligible expenses, defined in the bill, incurred in converting office buildings to residential uses. The credit may be claimed only in the year during which a qualified converted building, defined in the bill, is placed into service and is equal to (i) 20 percent or (ii) 30 percent in an at-risk locality, defined in the bill, of the amount of eligible expenses incurred. No single taxpayer may claim more than $2.5 million in credits in any single taxable year and the credit is subject to an aggregate annual cap of $30 million. The bill also allows localities to restrict certain partial exemptions from real estate taxation to real property on which the improvement is a residential structure that has set aside at least 30 percent of such structure for Affordable Dwelling Units.

Sponsors

Sponsors by party (alphabetical): Democratic 1

“Support” is shown only as formal sponsorship recorded by the legislature. Roll-call votes are available on the official bill page.

Recent official actions

1. February 5, 2025Left in Finance and Appropriations
2. January 18, 2025Impact statement from TAX (SB1113)
3. January 7, 2025Referred to Committee on Finance and Appropriations
4. January 7, 2025Prefiled and ordered printed; Offered 01-08-2025 25102487D