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National and local news has been replete with stories discussing the challenges and benefits of converting underutilized commercial properties such as office buildings into needed housing. A recently introduced bill pending before the Connecticut General Assembly's Housing Committee seeks to create a program that will incentivize such conversions.
Raised Bill No. 270 would create a Department of Housing program that provides income tax credits to certain owners of commercial properties such as office buildings, hotels and retail space that are converting those properties into residential properties with one or more dwelling units. Conversion of industrial properties such as warehouses, factories and storage facilities would not be eligible for credits. The bill appears to target individuals and nonprofits for the credits.
The tax credits would generally be in the amount of 10% of "qualified conversion expenditures" that must exceed $15,000. The credit cannot exceed either $30,000 or $50,000 per dwelling unit created, depending on the identity of the owner. The total amount of credits to be provided under the proposed program shall not exceed $3,000,000 in any one fiscal year. If the legislation becomes law, the program would be launched at the beginning of 2025.
The bill will be the subject of a public hearing before the Housing Committee on March 5, 2024 at 11:00 a.m.
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Alerts, commentary, and insights from the attorneys of Pullman & Comley’s Property Tax and Valuation practice with timely information for businesses, nonprofits and individuals in commercial property tax appeals and eminent domain matters.