On Wednesday, the Senate Committee on Economic Development unanimously approved SB 238 be reported to the floor. The bill, introduced by Senator Ferns, would increase the rate of the historic rehabilitation tax credit to 25%.
During this morning’s floor session, Senator Maroney, Chair of Economic Development, recommended that SB 238 do pass but that it first be referred to Finance. Senator Hall, the Finance Chair, will have the option of putting either SB 238 or SB 323 (which has already been referred to Finance) on the committee’s agenda in the coming weeks.
The major difference between the two bills is that SB 238 does not have an effective date, whereas SB 323 has a provision that states only rehabilitation projects that begin after June 30, 2017 will be eligible for the increased rate.
Stay tuned for more updates!