Arizona HB2987 provides income tax credits for substantial rehabilitation of certified historic structures.

HB2987 amends Arizona tax law to offer income tax credits for the rehabilitation of certified historic structures. The state historic preservation officer evaluates and certifies substantial rehabilitations, determining the credit amount based on rehabilitation expenses. Credits range from 20% to 15% of expenses, depending on the amount spent. The credits can be assigned, transferred, or sold, and unused credits can be carried forward for up to ten years.

Arizona HB2987 provides income tax credits for substantial rehabilitation of certified historic structures.

HB2987 amends Arizona tax law to offer income tax credits for the rehabilitation of certified historic structures. The state historic preservation officer evaluates and certifies substantial rehabilitations, determining the credit amount based on rehabilitation expenses. Credits range from 20% to 15% of expenses, depending on the amount spent. The credits can be assigned, transferred, or sold, and unused credits can be carried forward for up to ten years.