News

Wednesday, February 20, 2019

Legislation introduced in the Ohio Legislature would require subsidized residential rental property to be valued by county auditors according to the market-rent value, not the contract-rent value. SB36 specifically includes low-income housing tax credit (LIHTC)-financed property, which would increase the property tax for LIHTC property. The bill was assigned today to the Senate Ways and Means Committee.

Wednesday, February 20, 2019

The 2019 budget proposal by Florida Gov. Ron DeSantis would link the state’s charter schools plan to the federal opportunity zones (OZ) incentive. DeSantis’ budget request would expand the eligibility standard for potential state-funded charter schools from being near “persistently low-performing schools” according to a state standard. Under DeSantis’ proposal, any communities in OZs would also be eligible, a proposal that would add nearly 250 Florida communities to the 47 available under the current standard.

Wednesday, February 20, 2019

The U.S. Department of Housing and Urban Development (HUD) today announced a policy to grant public housing authorities and private owners of HUD-subsidized developments 14 calendar days’ notice before an inspection. The current standard for HUD’s Real Estate Assessment Center is up to 120 days. The new standard will be effective 30 days after publication.

Wednesday, February 20, 2019

Legislation passed by both houses of the Legislature in Arkansas Tuesday would create a state incentive to match the federal opportunity zones incentive. SB 196 would mirror the federal provisions for capital gains while computing state income tax liability. Gov. Asa Hutchinson can now sign or veto the bill. Without a veto, it becomes law in five days.

Wednesday, February 20, 2019

The Mississippi Home Corporation will commit 12.5 percent of the state’s low-income housing tax credit (LIHTC) authority for 2018, 2019, 2020 and 2021 to applicants in an opportunity zones (OZ) special allocation cycle. Applicants in the special cycle must propose a development in an OZ. The maximum LIHTC award is $10 million. Applications will be accepted in June and awards will be announced Oct. 9.

Wednesday, February 20, 2019

Virginia Gov. Ralph Northam signed legislation to reinstate a $5 million annual taxpayer cap on the state historic tax credit, effective July 1. HB 2705 passed the House by a 94-2 vote and the Senate by a 25-15 margin. A $5 million cap was in effect for 2017 and 2018, but expired Jan. 1.

Monday, February 18, 2019

Legislation introduced in Connecticut would provide an exemption for buildings in opportunity zones (OZs) and in distressed municipalities from compliance with certain historic preservation requirements. HB6552 would exempt individuals who wish to alter a historic building in an OZ from the full process in the state code for historic renovation. It would also exempt distressed cities that have been unable to alter a historic building for five years or more.

Friday, February 15, 2019

Kentucky state Rep. John Blanton this week introduced the Kentucky Rural Jobs Act, which is modeled after the federal New Markets Tax Credit program and complementary to the federal opportunity zones incentive. HB203 would provide tax credits for investments in rural counties and federal opportunity zones across Kentucky, with an annual cap of $35 million.

Friday, February 15, 2019

A bill in the Texas Legislature would create an added state incentive to the federal opportunity zones incentive, applied to rural areas. SB 826, The Texas Rural and Opportunity Zones Act, would create a 25 percent tax credit against the state insurance tax for credit-eligible capital contributions to a state-approved rural opportunity fund that in turn makes an investment that meets certain job-creation and job-retention standards in a targeted rural area.

Thursday, February 14, 2019

Legislation was introduced in both houses of the Tennessee Legislature to create a state historic tax credit (HTC). HB 1063 (and SB 1053) would create an HTC worth 10 percent of qualified rehabilitation expenditures for properties in Davidson or Williamson counties; 20 percent for structures in Hamilton, Knox or Shelby counties; and 30 percent for all other certified historic structures.