Recent News

Friday, June 17, 2022

Ohio Gov. Mike DeWine signed legislation this week to temporarily expand and enhance the state’s opportunity zones (OZ) tax credits and temporarily double the state’s annual historic tax credit (HTC) cap. S.B. 225 increases funding for OZ tax credits for investments in qualified opportunity funds (QOFs) that hold all assets in Ohio OZs. That amount goes from $50 million to $75 million for 2022 and 2023 before dropping back to $50 million in 2024 and settling at $25 million annually thereafter. Investors without state tax liability can now transfer the OZ credit. The bill also temporarily increases the state HTC cap from $60 million to $120 million for fiscal years 2023 and 2024 and increases the tax credit percentage for those years from 25% to 35% for any county, township or municipal corporation with a population of less than 300,000.

Tuesday, June 14, 2022

The proposed global minimum tax and its potential effect on community development tax credit equity investments is the subject of this week’s Novogradac Tax Credit Tuesday podcast episode. Michael Novogradac, CPA, and Novogradac partner Brad Elphick, CPA, discuss the proposal and potential approaches to mitigate the damage to tax credit equity investment. They also examine next steps in the proposal and for community development tax credit stakeholders. Novogradac has also published a white paper on the subject called Pillar Two and Tax Credit Equity Investments and is seeking public comment on the paper. Comments may be sent to [email protected]

The weekly Tax Credit Tuesday podcast offers an in-depth discussion of various tax incentive topics with expert guests.

Thursday, June 2, 2022

Ohio legislation that would temporarily expand and enhance the state’s opportunity zones (OZ) tax credits and temporarily double the state’s annual historic tax credit (HTC) cap has passed both houses of the Legislature and is headed for the desk of Gov. Mike DeWine. S.B. 225 would increase funding for the state OZ credits from $50 million to $75 million for 2022 and 2023 before dropping back to $50 million in 2024 and $25 million annually thereafter. Investors without state tax liability could transfer the OZ credit under the new legislation. The bill also would temporarily increase the state HTC cap from $60 million to $120 million for fiscal years 2023 and 2024 and would increase the tax credit percentage for those years from 25% to 35% for any county, township or municipal corporation with a population of less than 300,000.

Wednesday, May 11, 2022

Georgia Gov. Brian Kemp recently signed legislation to extend the sunset date for Georgia’s historic property rehabilitation tax credit (HTC) to Dec. 31, 2027, from the end of this year. H469 boosts the amount of credits for historic homes to $5 million in calendar years 2023 and 2024 before expiring in 2025. From 2023 to 2027, credits are capped at $30 million for structures other than homes.

Tuesday, May 10, 2022

Illinois Gov. J.B. Pritzker signed legislation to institute a $3 million transaction cap for the state historic tax credit (HTC), while retaining the current $15 million annual statewide cap. S.B. 1711 also extends eligibility for the HTC to limited liability companies and provides clarity on how the credits can be granted to a partnership, limited liability partnership taxed as a partnership or other multiple owners of property.

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