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Historic Tax Credits News Briefs - January 2024

The Alabama Department of Revenue proposed amendments to its state historic tax credit (HTC) regulations, due to the passage of HB 253 earlier in 2023. One amendment would require the project to be placed in service before a nonprofit claims the credit and would allow other taxpayers to claim the credit either in the year the reservation is allocated to the project or the year the property is placed in service. Another set of amendments would change the information required in an HTC transfer agreement. A hearing on the amendments took place Dec. 5, 2023.

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The National Park Service (NPS) published a notice in the Nov. 7, 2023, Federal Register seeking comment on the application for the federal HTC. The NPS proposed no changes to the application and comments were due Dec. 7, 2023.

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The National Trust for Historic Preservation announced Carol Quillen as its new president and CEO in November 2023, effective Jan. 16. Quillen served as president of Davidson College from 2011 to 2022. Quillen will take over for Jay Clemens, who has served as interim president and CEO during the search.

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The Maryland Historic Trust awarded $20 million in state HTCs to 10 properties in November 2023. This application cycle saw 18 applicants seeking $55 million. Properties in Baltimore, Cambridge, Cumberland and Frostburg received credit awards.

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The Iowa Economic Development Authority (IEDA) awarded $25 million in state HTCs to 13 properties in November 2023. IEDA received 21 applications seeking more than $40 million in awards. Recipients include a former fire station in Waterloo, a four-story mass timber warehouse in Des Moines and the conversion of the vacant Iowa Mutual Insurance Company building in DeWitt into 53 apartments.

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The Texas Historical Commission adopted amendments updating state HTC program citations to the state’s tax code, effective Nov. 17, 2023. Legislation enacted in May 2023 moved the chapter referencing the state HTC from the portion of the tax code that defines the state franchise tax to its own chapter of the tax code. All other language in the state HTC rules remain the same.

Journal Category:

Historic Tax Credits

Authors:

Novogradac

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