Bill
HB 6787
Overview: HB 6787, "AN ACT REQUIRING CERTAIN COMMON INTEREST COMMUNITIES BE ELIGIBLE FOR TAX CREDITS FOR REHABILITATION OF HISTORIC PROPERTY", was introduced on January 29, 2025 an
Overview: HB 6787, "AN ACT REQUIRING CERTAIN COMMON INTEREST COMMUNITIES BE ELIGIBLE FOR TAX CREDITS FOR REHABILITATION OF HISTORIC PROPERTY", was introduced on January 29, 2025 and is currently in the Senate Committee on Finance, Revenue and Bonding.
Purpose and Intent: The bill aims to expand eligibility for historic property rehabilitation tax credits to include certain common interest communities, such as condominium associations and homeowners' associations. This is intended to incentivize the preservation and restoration of historic buildings and properties within these types of residential communities.
Key Provisions:
- Allows common interest communities to apply for and receive tax credits for the rehabilitation of historic properties they own or control
- Establishes criteria for eligible common interest communities, such as having a certain number of units and being located in a designated historic district
- Specifies the types of rehabilitation work that would qualify for the tax credits
Affected Parties and Impacts: The bill would primarily benefit common interest communities that own or manage historic properties, as it would provide them with a new source of funding for preservation and restoration efforts. This could help maintain the character and value of historic neighborhoods and communities.
Procedural and Timeline Considerations: The bill has been referred to the Senate Committee on Finance, Revenue and Bonding for further consideration. If passed, the new tax credit program would likely take effect in the next fiscal year, providing an incentive for common interest communities to undertake historic rehabilitation projects.
Compiled from official sources — confirm details with the bill’s official record.
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