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A 5588

Adds certain properties to the definition of a qualified historic home for the historic homeownership rehabilitation credit

2025 Regular Session Introduced by Sarah Clark and 4 co-sponsors

Bill A 5588 expands the definition of qualified historic homes, boosting rehabilitation tax credits to encourage investment in preserving historic properties and revitalizing communities.

SUBSTITUTED BY S405
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WeVote Research Nonpartisan
Bill Summary · A 5588

Summary of Bill A 5588

Overview

Bill Number: A 5588
Title: Adds certain properties to the definition of a qualified historic home for the historic homeownership rehabilitation credit
Status: Substituted by S 405
Introduced: February 18, 2025
Classification: Bill

Purpose and Intent

Bill A 5588 aims to expand the definition of a "qualified historic home" to include additional properties that meet specific criteria. This change is intended to enhance the historic homeownership rehabilitation credit, which incentivizes the restoration and preservation of historic homes. By broadening the definition, the bill seeks to encourage more homeowners to invest in the rehabilitation of historic properties, thereby promoting cultural heritage and community revitalization.

Key Provisions

  • Expanded Definition: The bill proposes to include certain properties that were previously excluded from the definition of a qualified historic home. Specific criteria for these properties will be outlined, although the exact details are not provided in the current summary.
  • Historic Homeownership Rehabilitation Credit: The bill aims to enhance the existing credit, which provides financial incentives for homeowners who undertake rehabilitation projects on qualified historic homes. This may include tax credits or deductions aimed at reducing the financial burden of restoration efforts.

Affected Parties

  • Homeowners: Individuals who own or are considering purchasing historic properties may benefit from the expanded definition and associated tax credits.
  • Local Governments: Municipalities may see increased investment in historic properties, which can lead to economic revitalization and preservation of local heritage.
  • Preservation Organizations: Groups focused on historic preservation may find new opportunities for advocacy and support for property owners.

Legislative Timeline

  • February 18, 2025: Bill A 5588 was introduced and referred to the Ways and Means Committee.
  • June 17, 2025: The bill was reported and referred to the Rules Committee, where it was subsequently ordered to third reading.
  • June 17, 2025: The bill was substituted by S 405, indicating that the provisions of A 5588 may have been incorporated into the companion bill for further consideration.

Related Bills

  • S 8077: A related bill from a prior session that may address similar issues.
  • A 7868: Another prior-session bill that could have implications for historic home rehabilitation.
  • A 1808: A previous legislative effort concerning historic properties.
  • S 405: The companion bill that has substituted A 5588 and may carry forward its intent and provisions.

Conclusion

Bill A 5588 represents an effort to promote the preservation of historic homes by expanding the definition of qualified properties eligible for rehabilitation credits. This initiative could lead to increased investment in historic neighborhoods, benefiting homeowners and communities alike. As the bill has been substituted by S 405, stakeholders should monitor the progress of the companion bill for further developments.

Compiled from official sources — confirm details with the bill’s official record.

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