LD1889

Expands tax incentives for barn restorations on residential property.

This bill creates a refundable tax credit for taxpayers restoring noncommercial barns on residential property. The credit is equal to 40% of the eligible capital investment exceeding $25,000. The maximum credit per year is $400,000, with a total cap of $1,600,000. The credit can be carried over to future tax years. The barn must be located on residential property and used for noncommercial purposes by its owner.