Relating to the historic preservation tax credit available against the individual and corporate income taxes, the franchise tax, and the insurance premiums tax

Where it is now

Done: IntroducedJanuary 15, 2025
Done: SubcommitteeJanuary 22, 2025
Stopped: Senate committeeDied when the General Assembly ended
Next: Passes the Senate
Next: House committeeFunnel: by March 20, 2026
Next: Passes the House
Next: To the Governor
Next: Signed into law

Died when the session ended The 2026 session adjourned on May 3, 2026, the General Assembly’s last regular session. Bills that didn’t pass both chambers died. What’s a funnel?

What’s in it

AI summary This law changes how much money people can get back through the historic preservation tax credit. It extends a rule that protects the rights of people who were already awarded these tax credits before July 1, 2023. This ensures that those who received credits earlier are not negatively affected by the new, lower refund limits.¹

Read the official explanation

During the 2022 legislative session, House File 2317 was enacted which gradually reduced the refundability of the historic preservation tax credit commencing with the tax year beginning January 1, 2023, until 75 percent of the credit in excess of tax liability is refundable for tax years beginning on or after January 1, 2027. Previously, the tax credit was 100 percent refundable. House File 2317 also enacted a provision preserving existing rights to the tax credit issued, awarded, or allowed prior to January 1, 2023, to reduce the effect House File 2317 had on existing tax credits being awarded. This bill expands the applicability of the preservation of existing rights provision from January 1, 2023, to July 1, 2023, to tax credits issued, awarded, or allowed prior to July 1, 2023.

Why it matters. People who have been awarded or allowed historic preservation tax credits prior to July 1, 2023, will have their existing rights to those credits preserved. This change extends the protection for these credits from the previous cutoff date of January 1, 2023.²

Full bill text³

Senate subcommittee

Named January 22, 2025. It hasn’t reported yet.

Three legislators hear a bill first and recommend what the committee should do; it’s the best time to weigh in. How to take part

Lobbying

7 for · 0 against · 12 undecided · Who →

Family tree

Study bill

HSB 232Cleared committee

91st General Assembly

SF 44Cleared committee

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