Florida Legislation Would Create State Historic Tax Credit
Legislation introduced in the Florida Senate would create a state historic tax credit (HTC). S.B. 288, the Main Street Historic Tourism and Revitalization Act, would create a state HTC worth 20% of qualified rehabilitation expenditures (QREs), with an additional 10% credit for properties in an Accredited Main Street Program. To be eligible, properties would have received federal HTCs. The HTC would take effect Jan. 1, 2024. Similar legislation was introduced in Florida in 2021.
The Novogradac Historic Rehabilitation Handbook provides an overview of the HTC and the intricacies of the incentive.