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Monday, February 6, 2012 - 8:15AM

Nebraska State Sen. Abbie Cornett, District 45, introduced the Historic Property Restoration and Reuse Act on January 9. The act, known as L.B. 888, would provide a 25 to 30 percent tax credit for developers that rehabilitate federal, state or locally-designated historic properties. For-profit developers would qualify for a 25 percent tax credit for restoration projects; not-for-profit developers would qualify for a 30 percent tax credit. The state HTC would be transferable and have a five-year recapture period. The tax credit created by L.B. 888 would expire on January 1, 2018. The act, which is also supported by Sen. Heath Mello, District 5, was referred to the revenue committee.
Tune in to the Tax Credit Tuesday podcast on February 7 to learn more about Nebraska’s Historic Property Restoration and Reuse Act.

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