RELATING TO HOUSING.

SB 3312 creates a state income tax credit program to encourage commercial property owners to convert vacant or underused buildings (like stores or offices) into residential housing. The bill directly affects property owners who complete such conversions, offering them a tax credit to offset costs. Key provisions include appropriating state funds to cover the credit value and establishing eligibility criteria for qualifying properties. This policy aims to increase housing supply by making commercial-to-residential conversions financially attractive, without specifying target locations or housing types.