Tax Credits for Converting Office Buildings to New Uses
This act introduces a new tax credit for businesses and individuals converting old office buildings into residential, retail, or other commercial uses. The goal is to revitalize downtown areas by encouraging the adaptation of vacant offices, potentially increasing housing availability and services.
Key points
Provides a 20% tax credit for qualified expenses incurred when converting an office building to a residential, retail, or other commercial use.
The credit applies to buildings that were offices for at least 25 years and have undergone substantial conversion.
For residential conversions, at least 20% of units must be rent-restricted for lower-income individuals or subject to an affordable housing agreement.
Aims to support downtown revitalization and increase housing availability and diverse services.
Status:
Expired
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