Legislation in Florida Senate Would Create State HTC
Legislation in the Florida Senate would create a state historic tax credit (HTC) incentive worth 20% of qualified rehabilitation expenditures (QREs) for properties that are eligible to receive the federal HTC, with a 10% bonus credit for properties in areas designated as part of the Florida Main Street Program. S.B. 1310 is similar to a bill filed in October in the state House of Representatives and would apply to properties rehabilitated and placed in service July 1, 2022, or later. Florida is the only state bordering the Atlantic Ocean that doesn’t have a state HTC incentive.
The Novogradac Historic Rehabilitation Handbook provides an overview of federal and state HTCs and the intricacies of the incentive.