Nebraska Legislation Would Expand State HTC Percentage, Reduce Annual Cap

Wednesday, January 25, 2023 - 2:15PM

A bill introduced in the Nebraska Legislature would expand the state historic tax credit (HTC) percentage, while also decreasing the statewide cap beginning in 2024. L.B. 756 would increase the state HTC percentage from 20% to 25% for properties in counties with cities with a population 100,000 or more, while those in other counties would be worth 30% of eligible expenditures. The maximum HTC amount per property would be $2 million and beginning Jan. 1, 2024, the statewide annual cap would drop from $15 million to $12 million. The legislation would also add a provision requiring properties to be at-grade or aboveground to be eligible for the HTC.

The Novogradac Introduction to Historic Tax Credits booklet provides an introduction to the HTC, including the interaction of state and federal credits.

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