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Bill

A 10366

Establishes the white elephant housing historic rehabilitation projects tax credit program

2025 Regular Session Introduced by Didi Barrett and 12 co-sponsors

Establishes tax credits for rehabilitating neglected historic "white elephant" buildings to incentivize private investment in preservation and neighborhood revitalization.

PRINT NUMBER 10366A
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Bill Summary · A 10366

Legislative bill overview

Bill A 10366 establishes a tax credit program specifically for rehabilitating "white elephant" historic properties—typically large, underutilized buildings with significant historical value that are economically challenging to maintain. The program incentivizes private investment in restoring these deteriorating historic structures by offering tax credits to developers and property owners who undertake qualifying rehabilitation projects.

Why is this important

Historic preservation of abandoned or neglected buildings can revitalize neighborhoods, preserve architectural heritage, and reduce urban blight without requiring public construction. Tax credits make economically marginal projects viable by offsetting private rehabilitation costs, potentially unlocking millions in private investment for properties that might otherwise deteriorate further or be demolished.

Potential points of contention

  • Tax revenue impact: The state foregoes tax revenue through credits, raising questions about fiscal sustainability and whether the economic benefits justify the cost to the state budget
  • Project selection criteria: Ambiguity about which properties qualify as "white elephants" and how projects are selected could lead to favoritism or inefficient allocation of credits to projects that would proceed anyway
  • Gentrification concerns: Historic rehabilitation in certain neighborhoods may accelerate property value increases and displacement of existing residents, benefiting developers more than original communities

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

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