Nebraska Legislation Would Extend State HTC Sunset Until 2031, Reduce Annual Cap
Legislation to extend the sunset date and reduce the statewide cap for the Nebraska historic tax credit (HTC) is now with the legislature’s Revenue Committee. LB 697 would extend the sunset date for the Nebraska Job Creation and Mainstreet Job Development Act–which includes the state HTC–from the end of 2022 to the end of 2031. The bill would also reduce the annual HTC cap from $15 million to $12 million starting Jan. 1, 2025, with $4 million annually reserved for applications seeking less than $100,000 in credits.
The Novogradac Historic Rehabilitation Handbook provides an overview of the HTC and the intricacies of the incentive.