Bill
A 364
Bill A 364 clarifies tax credit rules for rehabilitating historic barns, encouraging property owners to invest in restoration, benefiting communities and preserving heritage.
Bill Number: A 364
Title: Relates to the treatment of excess credits for the rehabilitation of historic barns
Status: Referred to Ways and Means
Introduced: January 08, 2025
Classification: Bill
Bill A 364 aims to address the treatment of excess tax credits associated with the rehabilitation of historic barns. The legislation seeks to provide clarity and support for property owners and developers engaged in the restoration of these significant structures, which are often vital to the cultural heritage and agricultural history of the region.
Excess Credit Treatment: The bill proposes specific guidelines for how excess tax credits can be utilized by property owners who rehabilitate historic barns. This includes provisions for carrying forward unused credits to future tax years.
Eligibility Criteria: The bill outlines the eligibility requirements for property owners to qualify for these tax credits, ensuring that only those who meet specific standards related to the historical significance and condition of the barns can benefit.
Incentives for Rehabilitation: By clarifying the treatment of excess credits, the bill aims to incentivize more property owners to invest in the restoration of historic barns, thereby preserving these structures for future generations.
Property Owners: Individuals or entities that own historic barns and are considering rehabilitation projects would directly benefit from the provisions of this bill.
Developers and Contractors: Those involved in the restoration and rehabilitation of historic structures would also be impacted, as the bill may encourage more projects in this area.
Local Communities: Communities that value their historical architecture and agricultural heritage would benefit from the preservation of historic barns, which can enhance local tourism and cultural identity.
Current Status: As of January 08, 2025, the bill has been referred to the Ways and Means Committee for further consideration.
Related Legislation: This bill is related to prior-session Bill A 4030 and has a companion bill, S 6872, which may provide additional context or support for the initiatives outlined in A 364.
Bill A 364 represents an effort to promote the rehabilitation of historic barns through the strategic use of tax credits. By clarifying the treatment of excess credits, the bill aims to encourage investment in these important structures, benefiting property owners, developers, and local communities alike. The bill is currently under review by the Ways and Means Committee, and its progress will be closely monitored by stakeholders interested in historic preservation and agricultural heritage.
Compiled from official sources — confirm details with the bill’s official record.
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