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Texas Governor Vetoes Bill to Replicate HTC Provisions in State Insurance Code
Texas Gov. Greg Abbott vetoed legislation that would replicate key provisions in the franchise tax code concerning the state historic tax credit (HTC) to the insurance code. S.B. 813 would have ensured that the state HTC could be taken even if the franchise tax was repealed. In his veto message, Abbot said the legislation would have “created parameters for certified historic structures that differ from House Bill 3777 and thus could cause confusion with respect to the qualification of a project for insurance or franchise tax credits.” H.B. 3777 makes changes to the state HTC involving entities leased to a nonprofit entity. That legislation awaits Abbott’s signature.
The Novogradac Introduction to Historic Tax Credits booklet provides an overview of the HTC incentive, including how federal and state HTCs interact.