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Connecticut Bill Enacted to Allow Homes HTC to be Taken Against Individual Income Tax

Wednesday, May 22, 2024 - 10:21AM

Legislation to expand the list of taxes against which Connecticut’s historic residential rehabilitation tax credit (HTC) applies has been enacted into law. H.B. 5190 makes the historic homes HTC refundable against individual income tax and allows it to be carried forward for four additional years against other taxes. The state home HTC is for residential properties with four or fewer units, at least one occupied as the principal residence of the owner. A taxpayer voucher worth no more than 30% of the qualified rehabilitation expenditures (QREs) may be issued to the owner with a maximum of $30,000 per dwelling–a cap that goes to a $50,000-per-dwelling cap for nonprofit organizations.

The  Novogradac Historic Rehabilitation Handbook provides an overview of the HTC and delves into the intricacies of the incentive.

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