Bill Would Boost HTC for Supermarkets in Underserved Areas
Legislation introduced in the House of Representatives would provide an increase in the historic tax credit (HTC) for supermarkets in underserved areas. H.B. 4687 would increase the HTC for qualified rehabilitation expenditures (QREs) for properties that fit the definition of supermarkets in underserved areas from 20% to 24%. The bill would be effective for taxable years beginning after Dec. 31, 2021. The bill also would increase the work opportunity tax credit and create a tax credit for 15% of the gross receipts of sales of fresh fruits and vegetables for qualifying properties.
The Novogradac Introduction to Historic Tax Credits booklet provides the basics of the HTC incentive.