SACRAMENTO- Calif. – Sept. 30, 2014
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.
WASHINGTON – Sept. 8, 2014
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.
WASHINGTON – July 16, 2014
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.
WASHINGTON – July 1, 2014
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.
WASHINGTON – June 23, 2014
The National Trust for Historic Preservation today announced that it has granted a “watch status” designation to the federal historic rehabilitation tax credit (HTC) as part of its 2014 list of America’s 11 Most Endangered Historic Places because the HTC is in danger of being eliminated by Congress as part of comprehensive tax reform. The “watch status” designation indicates that a site, resource, policy or program is facing a growing but avoidable threat.
WASHINGTON – April 15, 2014
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.
WASHINGTON – March 28, 2014
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 Pay.gov 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 Pay.gov.
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.
WASHINGTON – March 10, 2014
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.
DENVER – March 10, 2014
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.