Income tax, state; tax credit for adaptive repurposing of underutilized structures.

Income tax credit; adaptive repurposing of underutilized structures; Affordable Dwelling Units. Creates a nonrefundable income tax credit in taxable years 2025 through 2029 for eligible expenses, defined in the bill, incurred in converting office buildings to residential uses. The credit may be claimed only in the year during which a qualified converted building, defined in the bill, is placed into service and is equal to (i) 20 percent or (ii) 30 percent in an at-risk locality, defined in the bill, of the amount of eligible expenses incurred.