Kentucky Bill to Increase State HTC Caps Advances to Senate
Legislation to increase project caps for the Kentucky historic tax credit (HTC) passed the House of Representatives and will now be considered in the Senate. H.B. 659 would increase the taxpayer cap from $400,000 to $10 million for nonresidential property and from $60,000 to $120,000 for residential property. The legislation would also allow the state HTC to be transferred to financial institutions that file income taxes instead of the bank franchise tax.
The Novogradac Introduction to Historic Tax Credits booklet provides a look at the HTC incentive, including how the state and federal versions of the bill interact.