Separate Bills in Virginia House Seek to Expand State HTC Amount
A pair of bills introduced in the Virginia House of Representatives earlier this week would expand the potential of the state’s historic rehabilitation tax credit (HTC). The two bills offer similar but differing possibilities. H.B. 2064, introduced Monday, would increase the maximum amount of credits allowed from $5 million to $10 million, including amounts carried over from previous years. H.B. 1668, introduced Tuesday, would increase the maximum by the same amount as well as allow taxpayers incurring expenses in one of Virginia’s designated enterprise zones to claim up to an additional $10 million in any tax year.
Gain an overview of the HTC and the intricacies of the program on both the state and federal level with the Novogradac Historic Rehabilitation Handbook.