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Legislation Would Increase HTC Percentages in Disaster Areas

WASHINGTON – April 15, 2014

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Last week, a bipartisan group of legislators introduced the National Disaster Tax Relief Act of 2014, which would increase the historic rehabilitation tax credit from 10 percent to 13 percent for non-historic buildings and increase the HTC from 20 to 26 percent for historic buildings in affected disaster zones, among other things. The bill has been referred to the Senate Finance Committee.

Tune in to this afternoon’s Tax Credit Tuesday podcast to learn more about the bill.

NPS Updates HTC Application, Forms, Payment System

WASHINGTON – March 28, 2014

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The National Park Service (NPS) announced today the release of a revised certification application and new PDF application forms, as well as the full implementation full of the fee payment system. The primary change in the application is that applicants must now state whether they are the fee-simple owner of the property. State Historic Preservation Offices will not accept applications on previous versions of the forms after May 15, 2014. As of May 16, all application review fees must be paid through

Tune in to the April 8 Tax Credit Tuesday podcast to learn more about these changes. In the meantime, questions about these changes can be directed to Tom Boccia, CPA, at 216.298.9000 or Charlie Rhuda, CPA, at 617.330.1920.  

Report: NPS Approved $6.73 Billion in Proposed HTC Investment in FY 2013

WASHINGTON – March 10, 2014

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The National Park Service (NPS) approved 1,155 proposed historic rehabilitation tax credit (HTC) projects in fiscal year (FY) 2013, worth an estimated $6.73 billion in investment, according to the Federal Tax Incentives for Rehabilitating Historic Buildings Annual Report for Fiscal Year 2013. More than 40 percent of the completed projects paired the federal credit with a state HTC. NPS released a supplementary Statistical Report and Analysis for Fiscal Year 2013, which found that more than 25,000 housing units were approved for HTCs, including approximately 7,100 low- and moderate-income housing units. Since the program’s inception in 1976, the federal HTC has certified more than 39,600 projects, created 2.4 million jobs and spurred nearly $69.5 billion in investment.

Tune into the March 18 Tax Credit Tuesday podcast to hear more about the reports’ findings.

Bill Introduced to Establish Colorado State Historic Tax Credit

DENVER – March 10, 2014

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Last week, Colorado State Rep. Leroy Garcia introduced H.B. 14-1311, which would establish a Colorado state historic rehabilitation tax credit (HTC). Also known as the Colorado Job Creation and Main Street Revitalization Act, the bill would create a tiered tax credit for qualified rehabilitation expenditures to commercial historic structures: a 30 percent tax credit for qualified expenditures less than $2 million; 25 percent for expenditures between $2 million and $4 million; and 20 percent for expenditures of more than $4 million. Historic structures located in designated disaster areas may be eligible for a 5 percent or 13 percent tax credit boost. Commercial projects have an annual HTC cap of $2 million each. For residential rehabilitations, the bill provides up to $50,000 in state HTCs for 20 percent of qualified expenditures, or 25 percent if located in a designated disaster area. The bill would authorize $15 million annually from calendar year (CY) 2015 through 2018. Colorado currently offers a 20 percent HTC for qualified projects.

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