State HTC Bills Introduced in Tennessee
Identical bills were introduced in both houses of the Tennessee Legislature last week to enact a state historic tax credit (HTC) worth 25 percent of qualified expenditures. SB 1040 and HB 1061 largely parallel the federal HTC. The credit would apply to certified historic structures placed in service Jan. 1, 2017, and later. The credit would be taken in three annual installments up to the amount of a taxpayer’s annual liability and could be carried forward five years. There is no annual statewide cap in the legislation.