For taxable years beginning after December 31, 2013, and before January 1, 2026, any person may claim as a credit against taxes otherwise due under s. 71.02, up to the amount of those taxes, an amount equal to 20 percent of the costs of qualified rehabilitation expenditures, as defined in section 47 (c) (2) of the Internal Revenue Code, for qualified rehabilitated buildings, as defined in section 47 (c) (1) of the Internal Revenue Code, on property located in this state, if the cost of the person’s qualified rehabilitation expenditures is at least $50,000 and the rehabilitated property is placed in service after December 31, 2013, and before January 1, 2026, and regardless of whether the rehabilitated property is used for multiple or revenue-producing purposes. No credit may be claimed under this subdivision for property listed as a contributing building in the state register of historic places or in the national register of historic places and no credit may be claimed under this subdivision for nonhistoric, nonresidential property converted into housing if the property has been previously used for housing.

a. For taxable years beginning after December 31, 2025, any person may claim as a credit against taxes otherwise due under s. 71.02, up to the amount of those taxes, an amount equal to 20 percent of the qualified rehabilitation expenditures for a qualified rehabilitated building located in this state and placed in service after December 31, 2025. b. For purposes of this subdivision, “qualified rehabilitated building” has the meaning given in section 47 (c) (1) of the Internal Revenue Code, except that a building shall be treated as having been substantially rehabilitated under section 47 (c) (1) (B) (i) of the Internal Revenue Code only if the qualified rehabilitation expenditures during the 24-month period selected by the taxpayer, at the time and in the manner prescribed by federal regulations, and ending with or within the taxable year are at least $50,000. c. For purposes of this subdivision, “qualified rehabilitation expenditure” has the meaning given in section 47 (c) (2) of the Internal Revenue Code, except that if the claimant does not claim the credit under section 47 of the Internal Revenue Code for the same rehabilitation to which the claim under this subdivision relates, the rehabilitation shall be treated as a certified rehabilitation under section 47 (c) (2) (B) (iv) of the Internal Revenue Code if the state historic preservation officer certifies the rehabilitation as being consistent with the historic character of the property or the district in which the property is located.