Summary of Bill S 405

Bill Number: S 405

Title: Adds Certain Properties to the Definition of a Qualified Historic Home for the Historic Homeownership Rehabilitation Credit

Status: Returned to Senate

Introduced: January 08, 2025

Classification: Bill

Purpose and Intent

Bill S 405 aims to expand the definition of a "qualified historic home" to include additional properties eligible for the historic homeownership rehabilitation credit. This credit is designed to incentivize the rehabilitation and preservation of historic homes, thereby promoting cultural heritage and community revitalization.

Key Provisions

• Expanded Definition: The bill proposes to broaden the criteria for what constitutes a qualified historic home. This may include properties that were previously excluded due to specific age, architectural style, or historical significance.

• Historic Homeownership Rehabilitation Credit: By expanding the definition, the bill allows more homeowners to access tax credits for rehabilitation projects, which can cover a portion of the costs associated with restoring and maintaining historic properties.

• Eligibility Criteria: While the specific criteria for the new properties have not been detailed in the summary, the bill indicates a focus on inclusivity for various types of historic homes.

Impact

• Homeowners: The primary beneficiaries of this bill are homeowners of historic properties who may now qualify for financial assistance through tax credits. This could lead to increased investment in home renovations and preservation efforts.

• Communities: By encouraging the rehabilitation of historic homes, the bill aims to enhance community aesthetics, preserve local history, and potentially increase property values in neighborhoods with historic significance.

• Economic Growth: The bill may stimulate local economies by creating jobs in construction, restoration, and related fields as homeowners undertake rehabilitation projects.

Legislative Timeline

• January 08, 2025: Bill introduced and referred to the Budget and Revenue Committee.
• February 11, 2025: Reported and committed to the Finance Committee.
• April 29, 2025: First report calendar.
• April 30, 2025: Second report calendar.
• May 01, 2025: Advanced to third reading.
• May 19, 2025: Passed in the Senate and delivered to the Assembly.
• May 19, 2025: Referred to the Ways and Means Committee.
• June 17, 2025: Substituted for A5588, passed in the Assembly, and returned to the Senate.

Related Bills

• S 8077: Prior-session bill related to historic homeownership.
• S 293: Prior-session bill concerning historic properties.
• S 224: Prior-session bill addressing rehabilitation credits.
• A 5588: Companion bill to S 405.

This summary provides an overview of Bill S 405, highlighting its purpose, key provisions, potential impacts, and legislative history. The bill represents a significant step towards enhancing the preservation of historic homes and supporting homeowners in their rehabilitation efforts.