Bill Title: Establishes a credit against income tax for the rehabilitation of distressed commercial properties; allows for 30% of the qualified rehabilitation expenditures up to $100,000; requires that to be eligible, the commercial property is located within a distressed commercial area, as identified by each locality through local law, that is deemed an area in need of community renewal due to dilapidated vacancies; provides that the property shall be substantially rehabilitated which is where the qualified rehabilitation expenditures in relation to such building total ten thousand dollars.

Spectrum: Partisan Bill (Republican 6-0)

Status: (Introduced - Dead) 2012-02-21 - REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS [S06516 Detail]

Text: Latest bill text (Introduced) [HTML]

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Sponsors

Name	Type	Sponsorship	District	Financial	Encyclopedia	Biography
Senator Michael Ranzenhofer [R]	Primary	Sponsored Bills	SD-061	FollowTheMoney	Ballotpedia	VoteSmart
Senator Owen Johnson [R]	Cosponsor	Sponsored Bills	SD-004	FollowTheMoney	Ballotpedia	VoteSmart
Senator Andrew Lanza [R]	Cosponsor	Sponsored Bills	SD-024	FollowTheMoney	Ballotpedia	VoteSmart
Senator William Larkin [R]	Cosponsor	Sponsored Bills	SD-039	FollowTheMoney	Ballotpedia	VoteSmart
Senator David Storobin [R]	Cosponsor	Sponsored Bills	SD-027	FollowTheMoney	Ballotpedia	VoteSmart
Senator Lee Zeldin [R]	Cosponsor	Sponsored Bills	SD-003	FollowTheMoney	Ballotpedia	VoteSmart

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