Establishes the white elephant housing historic rehabilitation projects tax credit program

2025 Regular Session Introduced by April Baskin and 7 co-sponsors

Bill S 6021 offers tax credits to rehabilitate historic properties and "white elephants," boosting affordable housing and revitalizing communities while stimulating local economies.

PRINT NUMBER 6021A

Overview

Bill S 6021 aims to establish two new tax credit programs: the Large Projects Historic Rehabilitation Tax Credit and the "White Elephant" Housing Historic Rehabilitation Projects Tax Credit Program. The intent of this legislation is to incentivize the rehabilitation of historic properties, particularly those that are large-scale or considered "white elephants," which are properties that are difficult to sell or repurpose.

Key Provisions

Large Projects Historic Rehabilitation Tax Credit:

This program will provide tax credits to developers and property owners who undertake significant rehabilitation projects on historic buildings.
The specifics of the credit amount and eligibility criteria will be defined in subsequent regulations, but the goal is to encourage investment in preserving historic architecture.

"White Elephant" Housing Historic Rehabilitation Projects Tax Credit Program:

This program targets properties that are underutilized or abandoned, often referred to as "white elephants."
Similar to the large projects credit, this program will offer tax incentives to rehabilitate these properties into viable housing options.
The focus will be on transforming these properties into affordable housing solutions, thereby addressing housing shortages in certain areas.

Impact

Beneficiaries:

Property developers, investors, and owners of historic properties will benefit from these tax credits, making it financially feasible to rehabilitate and maintain historic structures.
Communities may see revitalization of neglected areas, increased property values, and enhanced local economies as a result of these projects.
Residents may gain access to more affordable housing options through the rehabilitation of "white elephant" properties.

Economic Development:

By incentivizing the rehabilitation of historic properties, the bill aims to stimulate local economies, create jobs in construction and related fields, and promote tourism through the preservation of cultural heritage.

Procedural Aspects

Status: The bill was introduced on March 4, 2025, and has been referred to the Budget and Revenue committee for further consideration.

Related Legislation: This bill is related to S 4174, which was introduced in a prior session, indicating ongoing legislative interest in historic rehabilitation tax credits.

Conclusion

Bill S 6021 represents a strategic effort to leverage tax incentives for the preservation of historic properties and the revitalization of underutilized housing. By establishing these tax credit programs, the legislation seeks to foster economic growth, enhance community aesthetics, and provide affordable housing solutions. Further developments will depend on the outcomes of the committee's review and any subsequent legislative actions.

Bill