Indiana House Bill 1547 (Prior Session Legislation)

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Spectrum: Partisan Bill (Republican 2-0)
Status: Introduced on January 20 2011 - 25% progression, died in committee
Action: 2011-01-20 - First reading: referred to Committee on Ways and Means
Pending: House Ways and Means Committee
Text: Latest bill text (Introduced) [HTML]

Provides that the historic rehabilitation income tax credit may be assigned. Provides that the credit may be recaptured from the person who receives the certification or from an assignee to whom the property is transferred. Provides that the transfer of the property as a condominium will not cause the credit to be recaptured. (Current law provides the credit is recaptured if the property is transferred within five years of the completion of the rehabilitation or preservation.) Provides that the adjusted basis of the property is not reduced by the amount of credit if a person is entitled to a federal low income housing credit for the historic property. Increases the amount of the credit to 40% of qualified expenses for the rehabilitation or preservation of a historic property if the qualified expenses are less than $2,000,000. Increases the credit to 40% of qualified expenses if the credit is awarded to rehabilitate or preserve a: (1) school; (2) hospital; or (3) project that receives a grant from the Indiana main street program. Increases the basis of qualified expenses for the preservation or rehabilitation of historic property which is located in a United States Housing and Urban Development qualified census tract or difficult to develop area. (Current law provides that the amount of the credit equals 20% of qualified expenses.) Provides that a particular project may not receive more than 20% of the annual statewide limit for the credit. Increases the minimum amount of expenditures to qualify for the credit from $10,000 to $25,000. Annually increases the annual statewide limit for the credit until the limit is $10,000,000 per state fiscal year for state fiscal years beginning after June 30, 2016. Requires the division of historic preservation and

Historic preservation tax credit.

Rep. Edward Clere [R]

Rep. Thomas Saunders [R]

Date	Chamber	Action
2011-01-20		First reading: referred to Committee on Ways and Means
2011-01-20		Coauthored by Representative Saunders
2011-01-20		Authored by Representative Clere

Type	Source
Summary	http://www.in.gov/apps/lsa/session/billwatch/billinfo?year=2011&session=1&request=getBill&doctype=HB&docno=1547
Text	http://www.in.gov/legislative/bills/2011/IN/IN1547.1.html