Va. Report Shows Eliminating HTC Prior Use Rule Could Benefit 817 Schools
Virginia Gov. Bob McDonnell yesterday released a study showing that 817 public schools in the state are at least 50 years old and would likely qualify for historic tax credits (HTCs) if the “prior use rule” was eliminated from the tax code. The governor commissioned the study in August as part of his effort to encourage Congress to pass legislation that would enable tax-exempt entities, such as school districts, to use HTCs to offset the cost of modernizing older school buildings.
For a more detailed discussion of the report, check out the Dec. 3 Tax Credit Tuesday podcast.