An Act to promote the development of abandoned buildings

HD 4088 provides tax incentives for corporations and individuals renovating abandoned buildings into housing projects. It allows a 10% deduction of renovation costs when calculating taxable income for qualifying projects. For housing developments, the bill exempts either the sale profits or rental income from taxable income for five years if units are rented out. These provisions apply specifically to projects certified under Chapter 23A and defined as "abandoned buildings" under Chapter 200A.