Signed into LawFiled Jan 28, 2026
Sponsor: Tom Davis (R)
Latest Action
Effective date 05/19/26
Jun 5, 2026
Summary
The bill lets owners of long‑vacant structures claim a state tax credit for qualified rehabilitation costs, as long as the work is for income‑producing uses. It defines what counts as an abandoned building, sets filing and certification steps, and allows the credit to be transferred to lessees or buyers but not used as loan collateral. The measure also pauses certain property‑tax exemption approvals for 2026‑2027, except for qualifying nonprofit housing projects.
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