WASHINGTON – Dec. 4, 2013
The federal historic tax credit (HTC) spurred $958 million in historic rehabilitation work in Ohio between 2007 and 2012, according to “Ohio: Creating Jobs, Building Communities, Preserving Heritage,” a report released yesterday by the National Trust for Historic Preservation and Heritage Ohio. Between 2007 and 2012, the federal HTC created more than 15,000 jobs and financed 295 preservation projects in the state. The report highlights 10 of those rehabilitation projects, including a 1920s theater in Cleveland and a 19th century brewery in Columbus.
Tune into the Dec. 10 Tax Credit Tuesday podcast to hear more about the report’s findings and other Ohio historic rehabilitation projects.
RICHMOND, Va. – Nov. 21, 2013
Virginia Gov. Bob McDonnell yesterday released a study showing that 817 public schools in the state are at least 50 years old and would likely qualify for historic tax credits (HTCs) if the “prior use rule” was eliminated from the tax code. The governor commissioned the study in August as part of his effort to encourage Congress to pass legislation that would enable tax-exempt entities, such as school districts, to use HTCs to offset the cost of modernizing older school buildings.
For a more detailed discussion of the report, check out the Dec. 3 Tax Credit Tuesday podcast.
NORWALK, CONN. – Nov. 14, 2013
The Financial Accounting Standards Board’s Emerging Issues Task Force (EITF) today voted to issue a new exposure draft of changes to accounting for historic tax credit (HTC) investments, subject to the completion of certain administrative procedures. The EITF will consider the conditions developed for low-income housing tax credits in evaluating HTC investments. EITF said that it wanted to collect more information from stakeholders and staff before making a final decision.
For a more detailed discussion of the meeting, check out the Nov. 19 Tax Credit Tuesday podcast.
WASHINGTON, D.C. – Oct. 4, 2013
The National Trust for Historic Preservation today sent an email requesting that historic preservation stakeholders sign a petition asking Congress to end the government shutdown. The petition says that the shutdown is hurting historic tax credit projects and historic preservation efforts in areas affected by Hurricane Sandy and other natural disasters. You can access the petition here.
DETROIT, Mich. – Aug. 22, 2013
A free workshop about the federal historic rehabilitation tax credit (HTC) will be hosted by the National Park Service (NPS) and the state historic preservation office in Detroit next month. The workshop will provide an overview of the HTC program’s fundamental principles, eligibility requirements and application process. The session is in response to a report released earlier this year that included a set of action items intended to improve and expand the use of the HTC, at the request of then-Interior Secretary Ken Salazar after a visit to Detroit. The workshop will take place on Sept. 11 at 3:30 p.m. in the Michigan State Housing Development Authority Southeast Michigan Office.
To learn more about the HTC program, join Novogradac & Company in Detroit for the Novogradac Historic Tax Credit Conference on Sept. 19 and 20.
WASHINGTON, D.C. – Aug. 7, 2013
Sen. Patrick Leahy, D-Vt., on Aug. 1 introduced legislation to provide a refundable tax credit for the installation of sprinklers and elevators in historic buildings. The Historic Downtown Preservation and Access Act (S. 1421) creates a 50 percent refundable tax credit, capped at $50,000 per project, to offset the cost of installing fire sprinklers and elevators in older multi-use buildings. S. 1421 has been referred to the Senate Finance Committee. Text of the legislation will be posted to the Historic Tax Credit Resource Center when it is available.
Learn more about recently introduced legislation, like the Historic Downtown Preservation and Access Act, by attending the Novogradac Historic Tax Credit Conference in Detroit, Sept. 19-20.
NEW BRUNSWICK, N.J.– Aug. 1, 2013
The federal historic tax credit (HTC) program has a significant positive effect on the economy while more than paying for itself, according to the fiscal year (FY) 2012 update of research released annually by Rutgers University and the National Park Service. The Annual Report on the Economic Impact of the Federal Historic Tax Credit for FY 2012 reveals that the federal HTC has created 2.3 million jobs, attracted $106 billion in private investment and restored 38,700 historic buildings since its inception more than 35 years ago. In addition, the report shows that the HTC yields a net benefit to the Treasury Department; the HTC has helped generate nearly $26 billion in federal taxes while costing only $20.5 billion in credits allocated.
Join industry experts to discuss these findings and what lies ahead for the historic tax credit community at the Novogradac Historic Tax Credit Conference in Detroit, Sept. 19-20.