Utah Bill Would Expand State HTC to Cover Commercial Buildings
Legislation introduced in the Utah Senate would make certain commercial buildings eligible for the state historic tax credit (HTC) and allow the credit to be transferrable. S.B. 234 would make commercial buildings eligible for the 20% state HTC, which currently only applies to residential structures. The bill would also allow unlimited transfers of the credit. The changes would be effective for taxable years beginning on or after Jan. 1, 2022.
The Novogradac Historic Rehabilitation Tax Credit Handbook provides an overview of the HTC and the intricacies of the incentive, including how state and federal credits interact.