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News
A private letter ruling from the Colorado Department of Revenue concludes that state law follows federal law for partnerships formed for investment in federal and state low-income housing tax credit (LIHTC) developments.
Legislation introduced in the Hawaii House of Representatives would clarify that a power purchase agreement approved by the state public utilities commission before Dec. 31, 2019, would receive a 35 percent investment tax credit up to the applicable cap amount of $500,000. The text of H.B.
Legislation in the Arizona Legislature would extend the state’s renewable energy production tax credit (PTC), while reducing the annual cap. H.B. 2290 would extend the sunset date for the state PTC by 10 years to Jan. 1, 2031, while decreasing the annual cap per taxpayer from $2 million to $200,000 beginning Jan. 1, 2021. The annual statewide cap would remain $20 million.
Legislation in the Virginia House of Representatives would create a state renewable energy investment tax credit (ITC). H.B.
Legislation introduced in the New Jersey state Senate would designate the state Department of Community Affairs to work with qualified opportunity zones (OZ) businesses as a point of contact for other state assistance. S. 496 would require the Department of Community Affairs to establish and maintain a website to promote collaboration and innovation among qualified OZ businesses and to provide other assistance.
The annual cap for the Illinois state historic tax credit (HTC) would increase to $45 million, under a bill introduced to the state General Assembly. H.B. 4054 would increase the cap from $15 million. The Illinois HTC is for 25 percent of qualified rehabilitation expenses.
Legislation introduced in the Missouri Senate would change provisions of the state historic tax credit (HTC), including requiring a $5 million allocation of HTCs for historic county courthouses, changing eligibility of properties in qualified census tracts and instituting an HTC cap for specific transactions. S.B.
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