Bill Summary for H 949 (2021)

Summary date: 

May 12 2021

Bill Information:

View NCGA Bill Details2021
House Bill 949 (Public) Filed Tuesday, May 11, 2021
AN ACT TO EXTEND BY THREE YEARS THE HISTORIC REHABILITATION TAX CREDITS INVESTMENT PROGRAM.
Intro. by Riddell, Adams, Richardson, Winslow.

View: All Summaries for BillTracking:

Bill summary

Amends GS 105-129.71(a1) (tax credit for rehabilitated railroad station) making the amount of the tax credit that can be claimed in a year the amount based on the qualifying rehabilitation expenditures associated with the phase of the rehabilitation project put into service that same year. Amends the eligibility requirements by extending the date by which rehabilitation projects must acquire a certificate of occupancy to be eligible for the credit by two years and extending the deadline for being designated as a local landmark to September 1, 2020 (was, June 30, 2019). Makes conforming changes.

Amends GS 105-1129.75 (mill rehabilitation tax credit sunset) by (i) extending the date on which eligibility certifications for mill rehabilitations tax credits expire by two years, (ii) extending the date by which railroad station rehabilitation expenditures must be made by two years, and (iii) extending the deadline to complete a mill rehabilitation and put it into service to be eligible for a tax credit by three years.

Amends GS 105-129.110 (mill rehabilitation tax credit sunset) by extending the expiration dates of the mill rehabilitation tax credit by three years.

© 2021 School of Government The University of North Carolina at Chapel Hill

This work is copyrighted and subject to "fair use" as permitted by federal copyright law. No portion of this publication may be reproduced or transmitted in any form or by any means without the express written permission of the publisher. Distribution by third parties is prohibited. Prohibited distribution includes, but is not limited to, posting, e-mailing, faxing, archiving in a public database, installing on intranets or servers, and redistributing via a computer network or in printed form. Unauthorized use or reproduction may result in legal action against the unauthorized user.

Printer-friendly: Click to view