Income tax credit; providing credit for certain qualified expenditures on adaptive reuse project. Effective date.

SB 234 creates the Adaptive Reuse Housing Development Program, offering a tax credit to property owners converting vacant or underutilized older buildings (30+ years old, at least 50% vacant or below-market rent) into residential housing. It provides a 50% credit against income tax for eligible costs like environmental cleanup, code upgrades, and efficiency improvements, capped at $5 million annually. Applications are reviewed using a preference system prioritizing areas with high vacancy rates, low rents, and limited affordable housing. The credit is non-refundable, can be carried forward for up to 10 years, and requires project verification before claiming.