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Historic Tax Credits News Briefs – May 2018

The National Park Service (NPS) issued 1,501 preliminary certifications of rehabilitation with nearly $9.1 billion in rehabilitation costs under the federal historic tax credit (HTC) program in fiscal year 2017 (FY17), according to the annual report released March 13. In the report, “Federal Tax Incentives for Rehabilitating Historic Buildings Annual Report for Fiscal Year 2017,” NPS also observes that 106,846 jobs were created by HTC developments in FY17. There have been an estimated $90 billion in investment and 43,328 projects certified in the 40-year history of the program. The report is available at www.historictaxcredits.com.

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The Alabama Historical Commission awarded $20 million in state HTCs mid-March for the renovation of 12 historic buildings throughout the state. Awards ranged from $37,500 to $5 million for properties in Birmingham, Dothan, Mobile, Monroeville, Prattville, Selma, Tuscaloosa and Wetumpka. An additional 14 properties requesting more than $16 million make up the 2019 HTC award waiting list.

Journal Category:

Historic Tax Credits

Authors:

Novogradac

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