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A04371 Summary:

BILL NOA04371A
 
SAME ASSAME AS S01295-A
 
SPONSORSchimminger
 
COSPNSRCusick, Colton, Tenney, McDonald
 
MLTSPNSRCymbrowitz, Kearns, Lupinacci, Walter
 
Amd 606 & 210-B, Tax L
 
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 dilapidation and vacancies; provides that the property which has been substantially rehabilitated is where the qualified rehabilitation expenditures in relation to such building total ten thousand dollars or more.
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