A bill allowing additional time for businesses to use tax credits from the Main Street Tax Credit Program passed the House and Senate unanimously and now heads to the Governor’s desk for signature.

In 1984, the state created the Main Street Tax Credit Program to restore downtown and neighborhood districts by providing businesses with tax credits for their private contributions to eligible downtown organizations. However, due to the COVID-19 pandemic, many businesses have had an insufficient tax liability to use the full amount of their tax credit. HB 1279 allows businesses to carry their earned unused tax credits forward an additional two years or until December 31, 2023.

The Senate adopted a striking amendment that removed several additional tax credits. We outlined these changes in a previous article. The House concurred with the Senate’s amendment and made no further changes to the bill.