Florida Senate - 2024 COMMITTEE AMENDMENT
Bill No. SB 1166
Ì857016%Î857016
LEGISLATIVE ACTION
Senate . House
Comm: RCS .
01/16/2024 .
.
.
.
—————————————————————————————————————————————————————————————————
—————————————————————————————————————————————————————————————————
The Committee on Commerce and Tourism (DiCeglie) recommended the
following:
1 Senate Amendment (with title amendment)
2
3 Delete everything after the enacting clause
4 and insert:
5 Section 1. Section 220.197, Florida Statutes, is created to
6 read:
7 220.197 Main Street Historical Tourism and Revitalization
8 Act; tax credits; reports.—
9 (1) SHORT TITLE.—This act may be cited as the “Main Street
10 Historical Tourism and Revitalization Act.”
11 (2) DEFINITIONS.—As used in this section, the term:
12 (a) “Active Main Street program” means an area
13 participating under a recognized, coordinated Main Street
14 America licensed program or the Orlando Main Streets program. An
15 Active Main Street program must:
16 1. Have broad-based community support for the commercial
17 district revitalization process with strong support from the
18 public and private sectors.
19 2. Have a developed vision and mission statement relevant
20 to community conditions.
21 3. Have a comprehensive work plan.
22 4. Possess a historic preservation ethic.
23 5. Have an active board of directors and committees.
24 6. Have an adequate operating budget.
25 7. Have a paid professional program manager.
26 8. Conduct a program of ongoing training for staff and
27 volunteers.
28 9. Report key statistics.
29 10. Be a current, designated Florida Main Street program.
30 (b) “Affordable housing unit” means a housing unit that is
31 affordable, as defined in s. 420.0004(3).
32 (c) “Certified historic structure” means a building,
33 including its structural components, as defined in 36 C.F.R. s.
34 67.2, which is of a character subject to the allowance for
35 depreciation provided in s. 167 of the Internal Revenue Code of
36 1986, as amended, and which is:
37 1. Individually listed in the National Register of Historic
38 Places; or
39 2. Located within a registered historic district and
40 certified by the United States Secretary of the Interior as
41 being of historic significance to the registered historic
42 district as set forth in 36 C.F.R. s. 67.2.
43 (d) “Certified rehabilitation” means the rehabilitation of
44 a certified historic structure that the United States Secretary
45 of the Interior has certified to the United States Secretary of
46 the Treasury as being consistent with the historic character of
47 the certified historic structure and, if applicable, consistent
48 with the registered historic district in which the certified
49 historic structure is located as set forth in 36 C.F.R. s. 67.2.
50 (e) “Division” means the Division of Historical Resources
51 of the Department of State.
52 (f) “Florida Main Street program” means a statewide
53 historic preservation-based downtown revitalization assistance
54 program created, maintained, and administered by the division
55 under s. 267.031(5).
56 (g) “Local program area” means the specific geographic area
57 in which an Active Main Street program is conducted as approved
58 and maintained by the division or in which the Orlando Main
59 Streets program is conducted.
60 (h) “Long-term leasehold” means a leasehold in a
61 nonresidential real property for a term of 39 years or more or a
62 leasehold in a residential real property for a term of 27.5
63 years or more.
64 (i) “National Register of Historic Places” means the list
65 of historic properties significant in American history,
66 architecture, archeology, engineering, and culture maintained by
67 the United States Secretary of the Interior as authorized in 54
68 U.S.C. s. 302101.
69 (j) “Orlando Main Streets program” means a historic
70 preservation-based district revitalization program administered
71 by the City of Orlando.
72 (k) “Placed in service” means when the property is placed
73 in a condition or state of readiness and availability for a
74 specifically assigned function. A building is placed in service
75 when the appropriate work has been completed which would allow
76 for occupancy of either the entire building or some identifiable
77 portion of the building as detailed in Treasury Regulation 1.46
78 3(d).
79 (l) “Qualified expenses” means rehabilitation expenditures
80 that qualify for the credit under 26 U.S.C. s. 47 incurred in
81 this state.
82 (m) “Registered historic district” means a district listed
83 in the National Register of Historic Places or a district:
84 1. Designated under general law or local ordinance and
85 certified by the United States Secretary of the Interior as
86 meeting criteria that will substantially achieve the purposes of
87 preserving and rehabilitating buildings of historic significance
88 to the district; and
89 2. Certified by the United States Secretary of the Interior
90 as meeting substantially all of the requirements for listing a
91 district in the National Register of Historic Places.
92 (3) ELIGIBILITY FOR TAX CREDIT.—For taxable years beginning
93 on or after January 1, 2025, there is allowed a credit against
94 any tax due for a taxable year under this chapter after the
95 application of any other allowable credits by the taxpayer.
96 (a) To claim and receive a tax credit under this section, a
97 taxpayer must submit an application to the department for a tax
98 credit for qualified expenses in the amount and under the
99 conditions and limitations provided in this section against the
100 tax due for a taxable year under this chapter and must provide
101 the department with all of the following:
102 1. An official certificate of eligibility from the
103 division, signed by the State Historic Preservation Officer or
104 the Deputy State Historic Preservation Officer, attesting that
105 the project has been approved by the National Park Service and
106 indicating whether the project is located within a local program
107 area in this state.
108 2. National Park Service Form 10-168c (Rev. 2023), titled
109 “Historic Preservation Certification Application Part 3-Request
110 for Certification of Completed Work,” or a similar form, signed
111 by an officer of the National Park Service, attesting that the
112 completed rehabilitation meets the United States Secretary of
113 the Interior’s Standards for Rehabilitation and is consistent
114 with the historic character of the property and, if applicable,
115 the district in which the completed rehabilitation is located.
116 The form may be obtained through the National Park Service.
117 3. An identification of the dates during which the
118 certified historic structure was rehabilitated and the date on
119 which the certified historic structure was placed in service.
120 4. Documentation that the taxpayer had an ownership or a
121 long-term leasehold interest in the certified historic structure
122 in the year during which such structure was placed in service
123 after the certified rehabilitation was completed.
124 5. A list of total qualified expenses incurred by the
125 taxpayer in rehabilitating the certified historic structure. The
126 taxpayer must submit an audited cost report issued by a
127 certified public accountant which itemizes the qualified
128 expenses incurred in rehabilitating the certified historic
129 structure.
130 6. An attestation of the total qualified expenses incurred
131 in this state by the taxpayer in rehabilitating the certified
132 historic structure in this state.
133 7. The information required to be reported by the
134 department in subsection (8) to enable the department to compile
135 its annual report.
136 (b) Within 60 days after receipt of the information
137 required under paragraph (a), the department must approve or
138 deny the application. If approved, the department must provide a
139 letter of certification to the taxpayer consistent with any
140 restrictions imposed. If the department denies any part of the
141 requested credit, the department must inform the taxpayer of the
142 grounds for the denial.
143 (4) AMOUNT AND DISTRIBUTION OF TAX CREDIT.—
144 (a) The total tax credit claimed annually may not exceed
145 the amount of tax due after any other applicable tax credits and
146 may not exceed the following:
147 1. Twenty percent, up to a maximum of $200,000, of the
148 total qualified expenses incurred in this state in
149 rehabilitating at least one certified historic structure that
150 has been approved by the National Park Service to receive the
151 federal historic rehabilitation tax credit; or
152 2. Thirty percent, up to a maximum of $200,000, of the
153 total qualified expenses incurred in this state in
154 rehabilitating at least one certified historic structure that
155 has been approved by the National Park Service to receive the
156 federal historic rehabilitation tax credit and that is located
157 within a local program area in this state.
158 (b) The tax credit may be used to offset the corporate
159 income tax imposed in s. 220.11 and the insurance premium tax
160 imposed in s. 624.509. An insurer claiming a credit against
161 insurance premium tax liability under this section may not be
162 required to pay any additional retaliatory tax levied pursuant
163 to s. 624.5091 as a result of claiming such credit. Section
164 624.5091 does not limit such credit in any manner.
165 (c) The combined total amount of tax credits that may be
166 granted for all taxpayers under this section is $25 million per
167 state fiscal year.
168 (d) A taxpayer may not receive more than $1 million in tax
169 credits for a single development project, even if such credits
170 are accrued over multiple tax years. However, additional tax
171 credits purchased from another taxpayer or entity, and carryover
172 tax credits from a prior tax year, may be used by such taxpayer
173 if the additional tax credits were accrued from a different
174 development project.
175 (e) The department shall award the tax credits on a first
176 come, first-served basis.
177 (f) If the annual amount of approved tax credits exceeds
178 the maximum provided in paragraph (c), applications must be
179 rolled forward to be granted by the department during the
180 following fiscal year.
181 (5) CARRYFORWARD OF TAX CREDIT.—
182 (a) If a taxpayer is eligible for a tax credit that exceeds
183 taxes owed, the taxpayer may carry the unused tax credit forward
184 for a period of up to 5 taxable years.
185 (b) A carryforward is considered the remaining portion of a
186 tax credit that cannot be claimed in the current tax year.
187 (6) SALE OR TRANSFER OF TAX CREDIT.—
188 (a) A taxpayer that incurs qualified expenses may sell or
189 transfer all or part of the tax credit that may otherwise be
190 claimed to another taxpayer.
191 (b) A taxpayer to which all or part of the tax credit is
192 sold or transferred may sell or transfer all or part of the tax
193 credit that may otherwise be claimed to another taxpayer.
194 (c) A taxpayer that sells or transfers a tax credit to
195 another taxpayer must provide a copy of the certificate of
196 eligibility together with the audited cost report to the
197 purchaser or transferee.
198 (d) Qualified expenses may be counted only once in
199 determining the amount of an available tax credit, and more than
200 one taxpayer may not claim a tax credit for the same qualified
201 expenses.
202 (e) There is a limit of two transactions for the sale or
203 transfer of all or part of a tax credit.
204 1. A taxpayer that sells or transfers a tax credit under
205 this subsection and the purchaser or transferee shall jointly
206 submit written notice of the sale or transfer to the department
207 on a form adopted by the department no later than the 30th day
208 after the date of the sale or transfer. The notice must include
209 all of the following:
210 a. The date of the sale or transfer.
211 b. The amount of the tax credit sold or transferred.
212 c. The name and federal tax identification number of the
213 taxpayer that sold or transferred the tax credit and the
214 purchaser or transferee.
215 d. The amount of the tax credit owned by the taxpayer
216 before the sale or transfer and the amount the selling or
217 transferring taxpayer retained, if any, after the sale or
218 transfer.
219 2. The sale or transfer of a tax credit under this
220 subsection does not extend the period for which a tax credit may
221 be carried forward and does not increase the total amount of the
222 tax credit that may be claimed.
223 3. If a taxpayer claims a tax credit for qualified
224 expenses, another taxpayer may not use the same expenses as the
225 basis for claiming a tax credit.
226 4. Notwithstanding the requirements of this subsection, a
227 tax credit earned by, purchased by, or transferred to a
228 partnership, limited liability company, S corporation, or other
229 pass-through entity may be allocated to the partners, members,
230 or shareholders of that entity and claimed under this section in
231 accordance with any agreement among the partners, members, or
232 shareholders and without regard to the ownership interest of the
233 partners, members, or shareholders in the rehabilitated
234 certified historic structure.
235 (f) If the tax credit is reduced due to a determination,
236 examination, or audit by the department, the tax deficiency must
237 be recovered from the taxpayer that sold or transferred the tax
238 credit or the purchaser or transferee that claimed the tax
239 credit up to the amount of the tax credit taken.
240 (g) Any subsequent deficiencies shall be assessed against
241 the purchaser or transferee that claimed the tax credit or, in
242 the case of multiple succeeding entities, in the order of tax
243 credit succession.
244 (7) AUDIT AUTHORITY; REVOCATION AND FORFEITURE OF TAX
245 CREDITS; FRAUDULENT CLAIMS.—
246 (a) The department may perform any additional financial and
247 technical audits and examinations, including examining the
248 accounts, books, or records of the taxpayer, to verify the
249 legitimacy of the qualified expenses included in a tax credit
250 return and to ensure compliance with this section. If requested
251 by the department, the division must provide technical
252 assistance for any technical audits or examinations performed
253 under this subsection.
254 (b) It is grounds for forfeiture of previously claimed and
255 received tax credits if the department determines, as a result
256 of an audit or information received from the division, the
257 division, or the United States Department of the Interior or
258 Internal Revenue Service, that a taxpayer received a tax credit
259 pursuant to this section to which the taxpayer was not entitled.
260 In the case of fraud, the taxpayer may not claim any future tax
261 credits under this section.
262 (c) The taxpayer must return forfeited tax credits to the
263 department, and such funds shall be paid into the General
264 Revenue Fund.
265 (d) The taxpayer shall file with the department an amended
266 tax return or such other report as the department prescribes and
267 shall pay any required tax within 60 days after the taxpayer
268 receives notification from the United States Internal Revenue
269 Service that a previously approved tax credit has been revoked
270 or modified, if uncontested, or within 60 days after a final
271 order is issued following proceedings involving a contested
272 revocation or modification order.
273 (e) A notice of deficiency may be issued by the department
274 at any time within 5 years after the date on which the taxpayer
275 receives notification from the United States Internal Revenue
276 Service that a previously approved tax credit has been revoked
277 or modified. If a taxpayer fails to notify the department of any
278 change in its tax credit claimed, a notice of deficiency may be
279 issued at any time. In either case, the amount of any proposed
280 assessment set forth in such notice of deficiency is limited to
281 the amount of any deficiency resulting under this section from
282 the recomputation of the taxpayer’s tax for the taxable year.
283 (f) A taxpayer that fails to report and timely pay any tax
284 due as a result of the forfeiture of its tax credit violates
285 this section and is subject to applicable penalties and
286 interest.
287 (8) ANNUAL REPORT.—Based on the applications submitted and
288 approved, the department must submit a report by December 1 of
289 each year to the President of the Senate and the Speaker of the
290 House of Representatives that identifies, in the aggregate, all
291 of the following:
292 (a) The number of people employed during the construction
293 phases of the certified rehabilitation who worked to complete
294 the project, including contractors and subcontractors.
295 (b) The use of each newly rehabilitated building and the
296 number of additional people employed for ongoing operations
297 after the certified historic structure is placed in service.
298 (c) The number of affordable housing units created or
299 preserved.
300 (d) The property values before and after the certified
301 rehabilitations.
302 (9) DEPARTMENT DUTIES.—The department shall:
303 (a) Establish or amend any necessary forms required to
304 claim a tax credit under this section.
305 (b) Provide administrative guidelines and procedures
306 required to administer this section, including rules
307 establishing an entitlement to and sale or transfer of a tax
308 credit under this section.
309 (c) Provide examination and audit procedures required to
310 administer this section.
311 (10) RULES.—The department may adopt rules to administer
312 this section.
313 Section 2. Subsection (26) is added to section 213.053,
314 Florida Statutes, to read:
315 213.053 Confidentiality and information sharing.—
316 (26) The department may make available to the Division of
317 Historical Resources of the Department of State and the
318 Secretary of the United States Department of the Interior or his
319 or her delegate, exclusively for official purposes, information
320 for the purposes of administering the Main Street Historical
321 Tourism and Revitalization Act pursuant to s. 220.197.
322 Section 3. Subsection (8) of section 220.02, Florida
323 Statutes, is amended to read:
324 220.02 Legislative intent.—
325 (8) It is the intent of the Legislature that credits
326 against either the corporate income tax or the franchise tax be
327 applied in the following order: those enumerated in s. 631.828,
328 those enumerated in s. 220.191, those enumerated in s. 220.181,
329 those enumerated in s. 220.183, those enumerated in s. 220.182,
330 those enumerated in s. 220.1895, those enumerated in s. 220.195,
331 those enumerated in s. 220.184, those enumerated in s. 220.186,
332 those enumerated in s. 220.1845, those enumerated in s. 220.19,
333 those enumerated in s. 220.185, those enumerated in s. 220.1875,
334 those enumerated in s. 220.1876, those enumerated in s.
335 220.1877, those enumerated in s. 220.1878, those enumerated in
336 s. 220.193, those enumerated in former s. 288.9916, those
337 enumerated in former s. 220.1899, those enumerated in former s.
338 220.194, those enumerated in s. 220.196, those enumerated in s.
339 220.198, those enumerated in s. 220.1915, those enumerated in s.
340 220.199, and those enumerated in s. 220.1991, and those
341 enumerated in s. 220.197.
342 Section 4. Paragraph (a) of subsection (1) of section
343 220.13, Florida Statutes, is amended to read:
344 220.13 “Adjusted federal income” defined.—
345 (1) The term “adjusted federal income” means an amount
346 equal to the taxpayer’s taxable income as defined in subsection
347 (2), or such taxable income of more than one taxpayer as
348 provided in s. 220.131, for the taxable year, adjusted as
349 follows:
350 (a) Additions.—There shall be added to such taxable income:
351 1.a. The amount of any tax upon or measured by income,
352 excluding taxes based on gross receipts or revenues, paid or
353 accrued as a liability to the District of Columbia or any state
354 of the United States which is deductible from gross income in
355 the computation of taxable income for the taxable year.
356 b. Notwithstanding sub-subparagraph a., if a credit taken
357 under s. 220.1875, s. 220.1876, s. 220.1877, or s. 220.1878 is
358 added to taxable income in a previous taxable year under
359 subparagraph 11. and is taken as a deduction for federal tax
360 purposes in the current taxable year, the amount of the
361 deduction allowed shall not be added to taxable income in the
362 current year. The exception in this sub-subparagraph is intended
363 to ensure that the credit under s. 220.1875, s. 220.1876, s.
364 220.1877, or s. 220.1878 is added in the applicable taxable year
365 and does not result in a duplicate addition in a subsequent
366 year.
367 2. The amount of interest which is excluded from taxable
368 income under s. 103(a) of the Internal Revenue Code or any other
369 federal law, less the associated expenses disallowed in the
370 computation of taxable income under s. 265 of the Internal
371 Revenue Code or any other law, excluding 60 percent of any
372 amounts included in alternative minimum taxable income, as
373 defined in s. 55(b)(2) of the Internal Revenue Code, if the
374 taxpayer pays tax under s. 220.11(3).
375 3. In the case of a regulated investment company or real
376 estate investment trust, an amount equal to the excess of the
377 net long-term capital gain for the taxable year over the amount
378 of the capital gain dividends attributable to the taxable year.
379 4. That portion of the wages or salaries paid or incurred
380 for the taxable year which is equal to the amount of the credit
381 allowable for the taxable year under s. 220.181. This
382 subparagraph shall expire on the date specified in s. 290.016
383 for the expiration of the Florida Enterprise Zone Act.
384 5. That portion of the ad valorem school taxes paid or
385 incurred for the taxable year which is equal to the amount of
386 the credit allowable for the taxable year under s. 220.182. This
387 subparagraph shall expire on the date specified in s. 290.016
388 for the expiration of the Florida Enterprise Zone Act.
389 6. The amount taken as a credit under s. 220.195 which is
390 deductible from gross income in the computation of taxable
391 income for the taxable year.
392 7. That portion of assessments to fund a guaranty
393 association incurred for the taxable year which is equal to the
394 amount of the credit allowable for the taxable year.
395 8. In the case of a nonprofit corporation which holds a
396 pari-mutuel permit and which is exempt from federal income tax
397 as a farmers’ cooperative, an amount equal to the excess of the
398 gross income attributable to the pari-mutuel operations over the
399 attributable expenses for the taxable year.
400 9. The amount taken as a credit for the taxable year under
401 s. 220.1895.
402 10. Up to nine percent of the eligible basis of any
403 designated project which is equal to the credit allowable for
404 the taxable year under s. 220.185.
405 11. Any amount taken as a credit for the taxable year under
406 s. 220.1875, s. 220.1876, s. 220.1877, or s. 220.1878. The
407 addition in this subparagraph is intended to ensure that the
408 same amount is not allowed for the tax purposes of this state as
409 both a deduction from income and a credit against the tax. This
410 addition is not intended to result in adding the same expense
411 back to income more than once.
412 12. The amount taken as a credit for the taxable year under
413 s. 220.193.
414 13. The amount taken as a credit for the taxable year under
415 s. 220.196. The addition in this subparagraph is intended to
416 ensure that the same amount is not allowed for the tax purposes
417 of this state as both a deduction from income and a credit
418 against the tax. The addition is not intended to result in
419 adding the same expense back to income more than once.
420 14. The amount taken as a credit for the taxable year
421 pursuant to s. 220.198.
422 15. The amount taken as a credit for the taxable year
423 pursuant to s. 220.1915.
424 16. The amount taken as a credit for the taxable year
425 pursuant to s. 220.199.
426 17. The amount taken as a credit for the taxable year
427 pursuant to s. 220.1991.
428 18. The amount taken as a credit for the taxable year
429 pursuant to s. 220.197.
430 Section 5. Subsection (7) of section 624.509, Florida
431 Statutes, is amended to read:
432 624.509 Premium tax; rate and computation.—
433 (7) Credits and deductions against the tax imposed by this
434 section shall be taken in the following order: deductions for
435 assessments made pursuant to s. 440.51; credits for taxes paid
436 under ss. 175.101 and 185.08; credits for income taxes paid
437 under chapter 220 and the credit allowed under subsection (5),
438 as these credits are limited by subsection (6); the credit
439 allowed under s. 624.51057; the credit allowed under s.
440 624.51058; the credit allowed under s. 624.5095; and all other
441 available credits and deductions.
442 Section 6. Section 624.5095, Florida Statutes, is created
443 to read:
444 624.5095 Premium tax credits related to historic
445 preservation.—
446 (1) Tax credits accrued through a certified rehabilitation
447 as defined in s. 220.197 and 36 C.F.R. s. 67.2 may be used
448 against any tax due for the taxable year under s. 624.509(1), as
449 limited under s. 624.509(6).
450 (2) The certified rehabilitation may either be completed by
451 the insurer pursuant to s. 220.197 or the insurer may purchase
452 the tax credit from a different entity that accrued or purchased
453 the tax credit pursuant s. 220.197.
454 (3) An insurer claiming a tax credit under this section is
455 not required to pay any additional retaliatory tax levied
456 pursuant to s. 624.5091 as a result of claiming such credit. The
457 tax credit under this section is not limited by s. 624.5091.
458 Section 7. (1) The Department of Revenue may, and all
459 conditions are deemed met to, adopt emergency rules under s.
460 120.54(4), Florida Statutes, for the purpose of implementing the
461 Main Street Historical Tourism and Revitalization Act.
462 (2) Notwithstanding any other law, emergency rules adopted
463 under this section are effective for 6 months after adoption and
464 may be renewed during the pendency of procedures to adopt
465 permanent rules addressing the subject of the emergency rules.
466 (3) This section shall take effect upon this act becoming a
467 law and expires July 1, 2025.
468 Section 8. This act applies to taxable years beginning, and
469 for qualified expenses incurred, on or after January 1, 2025.
470 Section 9. Except as otherwise expressly provided in this
471 act and except for this section, which shall take effect upon
472 becoming a law, this act shall take effect July 1, 2024.
473
474 ================= T I T L E A M E N D M E N T ================
475 And the title is amended as follows:
476 Delete everything before the enacting clause
477 and insert:
478 A bill to be entitled
479 An act relating to the Florida Main Street Program and
480 historic preservation tax credits; creating s.
481 220.197, F.S.; providing a short title; defining
482 terms; specifying eligibility requirements for
483 receiving specified tax credits; specifying
484 requirements for the Department of Revenue relating to
485 approving and denying certain applications and
486 granting credits; specifying requirements for such tax
487 credits; requiring that applications be rolled forward
488 in certain circumstances; authorizing the
489 carryforward, sale, and transfer of such tax credits;
490 providing a limitation; authorizing the department to
491 perform certain audits and examinations; specifying
492 requirements for taxpayers; authorizing the department
493 to issue a notice of deficiency under certain
494 circumstances; providing penalties; requiring the
495 department to submit specified annual reports to the
496 Legislature; providing duties of the department;
497 authorizing the department to adopt rules; amending s.
498 213.053, F.S.; authorizing the department to make
499 certain information available to the Division of
500 Historical Resources and the Secretary of the United
501 States Department of the Interior for specified
502 purposes; amending s. 220.02, F.S.; revising the order
503 in which tax credits against the corporate income tax
504 or the franchise tax are applied; amending s. 220.13,
505 F.S.; revising the definition of the term “adjusted
506 federal income”; amending s. 624.509, F.S.; revising
507 the order in which tax credits and deductions against
508 the insurance premium tax are applied; creating s.
509 624.5095, F.S.; authorizing certain tax credits to be
510 used against a specified tax; providing applicability;
511 providing construction; authorizing the Department of
512 Revenue to adopt emergency rules for a specified
513 timeframe; providing for expiration of such authority;
514 providing applicability; providing effective dates.
515
516 WHEREAS, historic revitalization creates highly paid local
517 construction jobs, and
518 WHEREAS, historic rehabilitation increases the value of
519 buildings and results in a growing state and local tax base, and
520 WHEREAS, historic revitalization boosts heritage tourism
521 and creates thriving downtowns that are attractive to main
522 street businesses, and
523 WHEREAS, reusing historic buildings creates affordable
524 spaces for small business incubation, and
525 WHEREAS, repurposing historic buildings saves resources and
526 activates vacant spaces, and
527 WHEREAS, historic rehabilitation projects leverage
528 significant private investment, and
529 WHEREAS, leveraging state tax incentives increases the
530 effectiveness of federal Historic Preservation Tax Incentives
531 and the Opportunity Zones Program to encourage the historic
532 preservation of existing buildings, and
533 WHEREAS, an increase in rehabilitation activity occurs when
534 a state incentive is combined with federal Historic Preservation
535 Tax Incentives, and
536 WHEREAS, many historic buildings in this state need safety
537 upgrades and other improvements that require both public and
538 private investment to return these buildings as assets of their
539 local communities, NOW, THEREFORE,