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S.F. No. 1162 - Credit for job training center rehabilitation (as proposed to be amended by the A-2 amendment)
 
Author: Senator Patricia Torres Ray
 
Prepared By: Nora Pollock, Senate Counsel (651/297-8066)
 
Date: March 21, 2017



 

This bill authorizes a refundable tax credit for taxpayers who rehabilitated and placed in service during 2015 a certified historic structure that once served as a library, is located in a city of the first class, and was placed on the Natural Register of Historic Places in 1977. The credit equals 20 percent of qualified rehabilitation expenditures for the project.

As proposed to be amended, a taxpayer claiming the credit must notify the commissioner of revenue within three years of the bill being placed in service. The commissioner must issue a credit certificate to the taxpayer upon verification that the project has been placed in service and specified other requirements have been met.

Effective for tax year 2017 for projects placed in service in calendar year 2015.

 
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