Bill Title: Establishes a credit against income tax for the rehabilitation of distressed commercial properties; allows for 30% of the qualified rehabilitation expenditures up to $100,000; requires that to be eligible, the commercial property is located within a distressed commercial area, as identified by each locality through local law, that is deemed an area in need of community renewal due to dilapidated vacancies; provides that the property shall be substantially rehabilitated which is where the qualified rehabilitation expenditures in relation to such building total ten thousand dollars.

Spectrum: Slight Partisan Bill (Democrat 4-2)

Status: (Introduced - Dead) 2014-06-05 - print number 4507b [A04507 Detail]

Text: Latest bill text (Amended) [HTML]

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