View Amendment Current Amendment: FIN to Bill 3485

The Committee on Finance proposed the following amendment (DG\3485C001.NBD.DG20):

Amend the bill, as and if amended, by striking SECTION 1.B. and inserting:

/ B.Section 12-6-3535 of the 1976 Code is amended by adding appropriately lettered subsections to read:

"( ) (1)A taxpayer claiming a credit pursuant to this section must pay a preliminary fee and a final fee to the Department of Archives and History for the State Historic Preservation Grant Fund based on the estimated qualified rehabilitation expenses or the actual rehabilitation expenses of the project, respectively, as set forth in items (2) and (3).

(2) The preliminary fee must be paid before review of an Historic Preservation Certification Application, Part 2, or a Certified Rehabilitation Application, S2. The fee schedule is as follows:

Projects less than $500,000 0% of estimated expenses

Projects at least $500,000 but less than 2,000,000 .1% of estimated expenses

Projects at least $2,000,000 but less than $4,000,000 .25% of estimated expenses

Projects $4,000,000 or greater . 5% of estimated expenses.

(3) The final fee must be paid before review of an Historic Preservation Certification Application, Part 3, or a Certified Rehabilitation Application, S3, less any amount paid as a preliminary fee. The fee schedule is as follows:

Projects less than $500,000 0% of actual expenses

Projects at least $500,000 but less than $2,000,000 .25% of actual expenses

Projects at least $2,000,000 but less than $4,000,000 .5% of actual expenses

Projects $4,000,000 or greater 1.0% of actual expenses.

( ) The Department of Archives and History shall develop an application process for distribution of funds from the State Historic Preservation Grant Fund, to include eligibility criteria and grant requirements." /

Amend the bill further, page 3, by striking lines 13-38 and inserting:

/ B. Contributions made to the Department of Archives and History as provided in this act may be designated on an income tax return for tax years beginning after 20 19.

SECTION 3.Except as otherwise provided, this act takes effect upon approval by the Governor and applies to income tax years beginning after 2019. /