State Delegate Tim Hugo has introduced legislation to sunset the state Historic Rehabilitation Tax Credit in January 2017.

The credit entitles developers to tax credits of 25 percent of eligible expenses on designated historic properties. Developers can leverage up to 45 percent of eligible expenses when the state credit and the 20-percent federal tax credit are combined.

Hugo claims that sunsetting the tax credit would help fund a reduction in the state corporate income tax, which has remained the same since 1970. This story in the Richmond Times Dispatch has more information.

Link to the proposed legislation.

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Updated 2/2/2015: Delegate Tim Hugo has removed the historic tax credit from the set of tax credits which would be sunset. This is good news and shows the importance of these historic tax credits to reinvestment in the Commonwealth of Virginia.