Connecticut SB00254 provides tax credits for converting commercial buildings into residential developments.
Connecticut SB00254 establishes a tax credit program for converting commercial buildings into residential developments. Owners must notify the Commissioner of Housing upon conversion completion and provide documentation. The tax credit is limited to 10% of qualified conversion expenditures, with caps per dwelling unit and overall annual limits. Nonprofit corporations can receive higher credits. The Commissioner of Revenue Services grants credits against applicable taxes, with excess amounts refunded. The program takes effect July 1, 2026.
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