Establishes the building and fire code adherence tax credit which provides a tax credit to property owners who spend money to update a property to adhere to current applicable building and fire codes.
Creates an exception in the uniform fire prevention and building code for zero on-site greenhouse gas emissions for buildings whose building permit was issued prior to a certain date.
Provides for direct-pay tax abatement credits for solar electric generating systems and electric energy storage systems in connection with eligible buildings; provides such eligible properties shall include: 501(c)(3) corporations, associations, organizations or trusts and income-restricted affordable housing properties.
Creates the middle class circuit breaker tax credit allowing a credit against personal income tax, equal to seventy percent of the amount by which the taxpayer's net real property tax or the taxpayer's real property tax equivalent exceeds the taxpayer's maximum real property tax; establishes a tax reform study commission.