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Texas AG Says Nonprofit Can Qualify for State HTC

Thursday, March 5, 2020 - 9:45AM

An opinion released by the Texas attorney general this week states that a nonprofit entity can qualify for and obtain the state historic tax credit (HTC), provided it meets certain requirements. Those requirements include that the time remaining on the lease equals or surpasses 39 years on the date the rehabilitation is complete and that the qualifying costs and expenditures are directly borne by the applicant. The case involves a nonprofit formed to act as an HTC applicant for a building owned by a school district and leased to the nonprofit.

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