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Historic Tax Credits News Briefs - August 2015

Louisiana H.B. 387 (Act 108) was enrolled June 19. The bill extends the expiration date of the state historic tax credit (HTC) by four years, from Jan. 1, 2018, to Jan. 1, 2022. The bill also provides a 25 percent credit for eligible costs incurred before Jan. 1, 2018, and a 20 percent credit after that date. This bill prohibits projects whose rehabilitation costs and expenses are paid for with state or federal funds from being eligible to receive the tax credit, unless those state or federal funds are reported as taxable income or are structured as repayable loans. Louisiana H.B. 387 is available at www.historictaxcredits.com.

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The Advisory Council on Historic Preservation (ACHP) held its summer business meeting July 14-15 in Washington, D.C. Discussion topics included Section 106 issues, historic preservation policy and programs, engaging youth in historic preservation, supporting state and tribal historic preservation offices, proposed guidance for the consideration of U.S. world heritage sites in federal project planning, and the ACHP’s legislative agenda for the 114th Congress.

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On June 30, the Ohio Development Services Agency (ODSA) announced $27.5 million in state preservation tax credits for the rehabilitation of 33 buildings throughout the state. The properties are located in 28 communities and cover more than 8.7 million square feet of space. The developments are expected to leverage approximately $279.4 million in private investments. There were 19 applicants to receive awards. This year also marks a milestone for the Ohio Preservation Tax Credit program, with the completion of the 100th project. The first 100 developments produced more than $1.4 billion in investment, rehabilitated 120 historic buildings and created 3,439 housing units.

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On June 24, the National Trust for Historic Preservation (NTHP) released its, “America’s 11 Most Endangered Historic Places” list. Among the places listed are the Grand Canyon, the A. G. Gaston Motel in Birmingham, Ala., Miami’s Little Havana and the Factory in West Hollywood. The list is designed to raise awareness about the threats facing some of the nation’s treasures. The list is available at savingplaces.org.

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Heritage Consulting Group opened its Austin, Texas office one June 1. The HTC consulting organization will be able to help expand the client base in the south given the new state HTC in Texas. Haley Wilcox will head the Austin office.

Journal Category:

Historic Tax Credits

Authors:

Novogradac

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