Establishes the white elephant housing historic rehabilitation projects tax credit program

Summary

The bill adds a new credit to the state tax code that rewards developers who restore certified historic structures, with higher caps for very large, long‑vacant projects called “white elephant” housing. It applies to projects in low‑income census tracts (with several exemptions) and allows the credit to be transferred to other parties. The goal is to spur investment in historic preservation and affordable housing.

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