Bill
S 4267
Bill S 4267 allows property owners to transfer historic preservation tax credits, boosting financial support for preservation projects and revitalizing local communities.
Bill Number: S 4267
Title: Establishes the Historic Preservation Tax Credit Transfer Program
Status: Referred to Budget and Revenue
Introduced: February 03, 2025
Classification: Bill
Bill S 4267 aims to establish a tax credit transfer program specifically designed to support historic preservation efforts. The intent of the bill is to incentivize the rehabilitation and preservation of historic properties by allowing property owners to transfer their tax credits to other entities, thereby enhancing the financial viability of preservation projects.
Tax Credit Transferability: The bill allows property owners who have received historic preservation tax credits to transfer these credits to other individuals or businesses. This provision is intended to make it easier for property owners to monetize their credits, thereby increasing participation in preservation efforts.
Eligibility Criteria: The bill outlines specific criteria that properties must meet to qualify for the historic preservation tax credits. These criteria will likely include age, historical significance, and compliance with preservation standards.
Program Administration: The bill designates a state agency responsible for overseeing the implementation of the tax credit transfer program. This agency will manage applications, ensure compliance with eligibility criteria, and facilitate the transfer process.
Reporting Requirements: The bill mandates regular reporting on the program's effectiveness, including the number of credits transferred, the types of properties involved, and the overall impact on historic preservation in the state.
Property Owners: Individuals or organizations owning historic properties will benefit from the ability to transfer tax credits, making preservation projects more financially feasible.
Investors and Businesses: Entities interested in investing in historic properties can acquire tax credits, providing them with a financial incentive to support preservation efforts.
Local Communities: Communities with historic properties may see revitalization and economic benefits as a result of increased investment in preservation.
Current Status: As of February 3, 2025, the bill has been referred to the Budget and Revenue Committee for further consideration.
Next Steps: The committee will review the bill, potentially hold hearings, and make recommendations for amendments or approval before it can move to the floor for a vote.
Bill S 4267 represents a significant step towards enhancing historic preservation efforts through financial incentives. By allowing the transfer of tax credits, the bill seeks to engage a broader range of stakeholders in the preservation of historic properties, ultimately contributing to the cultural and economic vitality of communities.
Compiled from official sources — confirm details with the bill’s official record.
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