WASHINGTON, D.C.– June 18, 2013
U.S. Sens. Ben Cardin, D-Md., and Susan Collins, R-Maine, last week introduced the bipartisan Creating American Prosperity Through Preservation (CAPP) Act, which would increase historic tax credit (HTC) eligibility for certain properties. S. 1141 would increase the HTC from 20 percent to 30 percent for projects with $5 million or less in qualified rehabilitation expenditures, index the date for the 10 percent credit for non-historic buildings placed in service before 1936, eliminate federal taxation on the proceeds of state HTCs transferred through partnerships and sold as state tax certificates and provide a 2 percent HTC boost for properties that make energy-efficient renovations, among other things.
Tune in to the June 25 Tax Credit Tuesday podcast to learn more.
AUSTIN, TEXAS.– May 29, 2013
The Texas Legislature this week approved H.B. 500 to create a state historic tax credit of up to 25 percent of eligible expenses incurred in the rehabilitation of certified historic structures. The tax credit can be applied to the state franchise tax. H.B. 500 has been sent to Gov. Rick Perry for his signature.
Tune in to the June 4 Tax Credit Tuesday podcast to learn more.
WASHINGTON, D.C.– May 28, 2013
Rep. David McKinley, R-W.Va., on May 17 introduced H.R. 2042, the Preserving America's Downtowns and Heritage Act of 2013. Among other things, the bill would increase to 25 percent the federal historic tax credit (HTC) for certified historic structures and to 12.5 percent the tax credit for buildings other than certified historic structures. H.R. 2042 would also provide a 20 percent tax credit for the rehabilitation of historic principal residences. The bill has been referred to the Ways and Means Committee.
Join industry experts to discuss what lies ahead for the historic tax credit at the Novogradac Historic Tax Credit Conference in Detroit, Sept. 19-20.
WASHINGTON, D.C.– May 28, 2013
The U.S. Supreme Court today denied the petition for a writ of certiorari in Historic Boardwalk Hall LLC v. Commissioner. Counsel for Historic Boardwalk Hall LLC (HBH) and the New Jersey Sports and Exposition Authority (NJSEA) had petitioned the Supreme Court to review HBH v. Commissioner, in which the 3rd Circuit Court opined that the investor was not a true partner in HBH and affirmed the Internal Revenue Service administrative adjustment to reallocate the historic tax credits awarded for the renovation of a convention center. The Supreme Court’s decision today means it will not hear the case.
To discuss what this decision means for the future of historic rehabilitation activity, join historic tax credit experts at the Novogradac Historic Tax Credit Conference in Detroit, Sept. 19-20.
WASHINGTON, D.C.– May 23, 2013
Yesterday, 28 members of Congress sent a letter to Treasury Secretary Jack Lew urging the Internal Revenue Service (IRS) to issue guidance within 60 days on acceptable partnership structures for the federal historic rehabilitation tax credit (HTC) program. In the letter, the bipartisan group of lawmakers notes that that positive economic activity from the HTC has all but stopped as a result of the uncertainty caused by the Historic Boardwalk Hall decision. Signatories of the letter include Sen. Chuck Schumer, D-N.Y., and Rep. Pat Tiberi, R-Ohio. In addition, Reps. Betty McCollum, DFL-Minn., and Niki Tsongas, D- Mass., have sent similar letters requesting expedited guidance for the HTC industry.
To hear more about these letters, tune into the Tax Credit Tuesday podcast on May 28.
Join HTC experts and professionals to discuss the Historic Boardwalk Hall case and related issues in greater depth at the Novogradac Historic Tax Credit Conference in Detroit, Sept. 19-20.
DES MOINES, IOWA– May 17, 2013
Iowa Gov. Terry Branstad yesterday signed into law Senate File 436, which modifies the rules for the state historic tax credit to make the program easier to use and expand eligibility. The new law expands the threshold for commercial rehabilitations to allow rehabilitation costs to be equal to 50 percent of the property's assessed value or $50,000, whichever is less, to qualify for the Iowa HTC. The law also creates an optional 12-month extension on the completion deadline for rehabilitation projects that incur more than 50 percent of anticipated rehabilitation cost within 60 months of application approval.