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State Tax Credits News Briefs - May 2012

By a vote of 41 to 9, the Iowa Senate passed Senate File 2326 to increase the state’s renewable energy production incentives. From 2015 to 2019, the bill would add 15 megawatts (MW) of eligible generating capacity per year to the wind energy tax credit and 5 MW to the non-wind energy tax credit program. This would authorize a total of 100 MW of eligible new production under the programs. S.F. 2326 was transferred to the House in April. If enacted, the bill would take effect on July 1. A copy of the bill is available at www.energytaxcredits.com.

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Connecticut Light & Power (CL&P) invested $7.75 million in Connecticut’s Housing Tax Credit Contribution (HTCC) program to support housing programs across the state. The equity will help 27 organizations in 12 communities and be used to develop affordable housing units, domestic abuse shelters, energy efficient buildings and to rehabilitate blighted industrial space. Tax credits worth more than $123,000 were also purchased from eight organizations through the state’s Neighborhood Assistance Tax Credit program. Those funds will be put toward energy conservation measures.

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Through a biotech investment tax credit program in Montgomery County, Md., 10 local biotech companies received nearly $6 million from local investors. The program is modeled after and can be used in conjunction with the state’s Biotech Investment Tax Credit program. Under the county program, investors receiving the state tax credits are also eligible for a supplemental payment from the county based on their investments in local biotech firms. The 10 companies that received investments through the program are: 20/20 GeneSystems, Alper Biotech, Clarassance, Neoginix Oncology, Otraces, Rafagen, and Sequella, all in Rockville; Beta Cat Pharmaceuticals and Synergy America, both in Gaithersburg; and Creative MicroTech in Potomac.

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The Pennsylvania Senate approved a bill that would incentivize property owners to renovate or rehabilitate historically significant commercial structures. Senate Bill 1150 would create a historic tax credit program that would be available in any municipality that has a registered historical district. Under the bill, the state Department of Community and Economic Development (DCED) could grant as much as $10 million in tax credit certificates each year, and a single applicant would be eligible for a maximum of $500,000. The credit would cover 25 percent of qualified expenditures to renovate historic structures, which would be evaluated based on economic vitality and historic integrity. S.B. 1150 was sent to the House of Representatives in April. Download a copy of the bill at www.historictaxcredits.com.

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Historic Boston Inc. announced that two of its historic rehabilitation projects received Massachusetts historic rehabilitation tax credit (HRTC) allocations. The Hayden Building and the Alvah Kittredge House, both located in Boston, Mass., each received $300,000 in the most recent allocation round. This was the first allocation for the Kittredge House, which may qualify for as much as $800,000 in state credits, and the second for the Hayden Building, which may be eligible for $1 million in state HRTCs. The credits are worth as much as 20 percent of qualified rehabilitation costs and are issued competitively.

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Preservation Massachusetts will honor 30 Massachusetts HRTC projects at the 25th Annual Paul Tsongas Awards. The program recognizes those who have played an extraordinary role in promoting preservation. This year on the 10th anniversary of the HRTC program’s conception, the awards will go to projects that have used the credit program to revitalize communities, spur investment and create jobs. An awards dinner will be held in Boston on May 2. A list of the 2012 honorees and more details on the awards are available at Preservation Massachusetts.

Journal Category:

State Tax Credits

Authors:

Novogradac

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