Historic Tax Credits News Briefs - July 2017
Alabama House Bill 345 was enacted May 24 and authorizes a new refundable state historic tax credit (HTC) program. The program will make up to an aggregate $100 million available for tax years 2018 through 2022. A previous state HTC program expired in 2016 after legislation to renew it died in committee. H.B. 345 is available at www.historictaxcredits.com.
The Iowa Economic Development Authority (IEDA), in partnership with the Department of Cultural Affairs’ (DCA) State Historic Preservation Office (SHPO), announced $24.1 million in tax credits for historic preservation projects May 23. Twelve projects received Historic Preservation and Cultural and Entertainment District (HPCED) tax credits. For the April 2017 registration period, IEDA received 25 applications requesting $48 million in tax credits. The next registration round for large HPCED tax credit projects will be Oct. 2 through Oct. 16. Large projects are those with qualifying expenses more than $750,000. The HPCED program provides a state income tax credit to projects for rehabilitation of historic buildings. A list of the 2017 awards is available at www.historictaxcredits.com
The National Trust for Historic Preservation, the Historic Tax Credit Coalition, Preservation Action, the National Conference of State Historic Preservation Officers and Main Street America in late May circulated a sign-on letter advocating for the federal HTC program. The letter urges Senate Finance Committee Chairman Orrin Hatch and Ranking Member Ron Wyden and House Ways and Means Committee Chairman Kevin Brady and Ranking Member Richard Neal to retain and enhance the HTC in tax reform. The letter is available at www.preservationnation.org.