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California Governor Vetoes State HTC

SACRAMENTO- Calif. – Sept. 30, 2014

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California Gov. Jerry Brown yesterday vetoed A.B. 1999, a bill to create a state historic rehabilitation tax credit (HTC). In his veto message, Brown said that he supported the bill’s goals, but that its $400 million cost should be weighed against other priorities during the state budget process. Tune in to today’s Tax Credit Tuesday podcast to learn more.

California Legislature Passes State HTC Bill

WASHINGTON – Sept. 8, 2014

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The California State Legislature passed a bill Aug. 27 that would establish a state historic rehabilitation tax credit (HTC). A.B. 1999 would provide a 20 percent tax credit for qualified rehabilitation expenditures to historic structures, or a 25 percent credit if the historic project is located on federal or state surplus property; includes affordable housing; is located in a designated census tract; is part of a military base reuse authority; or is a transit-oriented development. The bill would authorize $50 million annually from calendar year 2015 through 2022, including a $10 million set-aside for projects with less than $1 million in qualified rehabilitation expenditures. It’s expected the bill will be sent to Gov. Jerry Brown shortly for his consideration; the deadline for Brown to sign the bill is Sept. 30.  

Tune into the Sept. 9 Tax Credit Tuesday Podcast to hear more about the bill.

Wisconsin HTC Moratorium Lifted

WASHINGTON – July 16, 2014

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Wisconsin Gov. Scott Walker recently announced that the Wisconsin Economic Development Corporation (WEDC) will lift the moratorium on the Historic Preservation Tax Credit program. The moratorium was placed on the state credit June 23 because of higher than expected demand for the credit. WEDC will also begin collecting additional information under the Historic Preservation Tax Credit program with regards to the return on investment to the state, including projected employment, wages, leverage of investment, local participation, tax impact and other relevant information.

Tune in to next week’s Tax Credit Tuesday podcast to learn more.

National Trust Releases HTC Impact Report

WASHINGTON – July 1, 2014

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The National Trust for Historic Preservation recently released The Federal Historic Tax Credit: Transforming Communities report. The report examines how the historic tax credit (HTC) program has created private capital and jobs, rehabilitated historic structures and revitalized communities across the country. It also specifically examines the HTC’s effect on six cities: Macon and Atlanta, Ga.; Baltimore and Silver Spring, Md.; and Ogden and Salt Lake City, Utah.

Check out the August issue of the Novogradac Journal of Tax Credits to learn more about the report.

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