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Texas Amends State Historic Tax Credit

Monday, June 22, 2015 - 7:00AM

Texas Gov. Greg Abbott last week signed into law a bill that amends the determination of eligible costs and expenses for purposes of the state historic tax credit (HTC). H.B. 3230 provides that under the Texas state HTC, “eligible costs and expenses” means qualified rehabilitations as defined by Section 47(c)(2) of the Internal Revenue Code (IRC), except that the depreciation and tax-exempt use provisions of that section do not apply to costs and expenses incurred by an entity exempt from the franchise tax. The law states that those costs and expenses are eligible costs and expenses if the other provisions of IRC Section 47(c)(2) are satisfied. H.B. 3230 takes effect Jan. 1, 2016.

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