Establishes a tax credit for property owners who spend money to update a property to adhere to current building and fire codes.

The bill establishes the building and fire code adherence tax credit, which provides a tax credit to property owners who spend money to update a property to adhere to current applicable building and fire codes. The credit amount equals the cost of the labor and materials needed to bring a property to code. If the credit exceeds the taxpayer's tax for the year, the excess will be treated as an overpayment of tax to be credited or refunded, with no interest paid.

Establishes a tax credit for property owners who spend money to update a property to adhere to current building and fire codes.

The bill establishes the building and fire code adherence tax credit, which provides a tax credit to property owners who spend money to update a property to adhere to current applicable building and fire codes. The credit amount equals the cost of the labor and materials needed to bring a property to code. If the credit exceeds the taxpayer's tax for the year, the excess will be treated as an overpayment of tax to be credited or refunded, with no interest paid.