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State Tax Credit News Briefs - October 2017

The Florida Department of Revenue Aug. 16 issued Tax Information Publication No. 17C01-02 regarding tax credit changes due to the adoption of the current Internal Revenue Code (IRC). Section 1, Chapter 2017-67, Laws of Florida, amends the Florida Income Tax Code to adopt the IRC retroactively to Jan. 1. In addition, the amount available for tax credit applications received in March 2018 for research and development expenses incurred during the 2017 calendar year increased to $16.5 million. Also, the community contribution tax credit is permanent. The credit cap is $21.4 million for the 2017-2018 state fiscal year and $10.5 million for each state fiscal year thereafter. The cap for the contaminated site rehabilitation tax credit increased to $10 million for each fiscal year after the 2015-2016 fiscal year.

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Illinois Gov. Bruce Rauner signed a bill Aug. 18 to extend the state’s River Edge Historic Preservation Tax Credit through 2021. The Illinois state HTC is for 25 percent of the rehabilitation costs for buildings in five cities. There is no statewide cap. S.B. 1783 is available at www.historictaxcredits.com.

Journal Category:

State Tax Credits

Authors:

Novogradac

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