Modifies the historic preservation tax credit and includes an emergency clause

Summary

The bill replaces five sections of the historic preservation tax credit law with new language that defines eligible historic buildings and sets credit rates of 25% or 35% of qualified rehabilitation costs. It applies to individual taxpayers and nonprofit entities that restore certified historic structures, especially those in qualifying counties, historic schools, or low‑poverty census tracts. The changes also cap the total amount of credits that can be awarded each year and require projects to meet federal rehabilitation standards.

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