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Legislation was approved for  Industrial Recovery tax Credit "Dinosaur Building"  program to reduce the minimum building size for qualification from 250,000 sq. ft. new to 50,000 sq. ft.

The Industrial Recovery Tax Credit provides an incentive for companies to invest in facilities in need of significant rehabilitation or remodeling.  The amount of the credit is based on the qualified investment amount and the applicable percentage (which varies depending on the length of time the facility has been located on the industrial recovery site).  The requirements for this credit have been modified in the following ways:

  • A vacant industrial facility must have been in service for 15 years (previously it was 20 years);
  • The facility must be vacant for one year to qualify (previously it was two years);
  • The minimum floor space that a vacant industrial facility must have to qualify has been reduced from 250,000 square feet to 50,000 square feet (for tax years between Dec. 31, 2010 and Jan. 1, 2015) and 100,000 square feet (for tax years after Dec. 31, 2014).