Sign Up For Novogradac Industry Alert Emails

State HTC Proposed for Tennessee

Thursday, February 14, 2019 - 12:30PM

Legislation was introduced in both houses of the Tennessee Legislature to create a state historic tax credit (HTC). HB 1063 (and SB 1053) would create an HTC worth 10 percent of qualified rehabilitation expenditures for properties in Davidson or Williamson counties; 20 percent for structures in Hamilton, Knox or Shelby counties; and 30 percent for all other certified historic structures. A 5 percent bonus would be available for structures in a specially designated area outside the 10 percent and 20 percent counties that isn’t a county seat. The project cap would be $4 million and the annual state cap would be $40 million. Tennessee has no state income tax, so the transferrable HTC would be taken against franchise tax and excise tax on businesses.

Learn more about Novogradac's expertise and many services