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The National Park Service this week released new flood adaptation guidelines to help property owners make their historic buildings–including those financed with historic tax credit (HTC) equity–more resilient to flooding risks while preserving their historic character. Guidelines on Flood Adaptation for Rehabilitating Historic Buildings includes guidelines to help property owners identify and evaluate adaptation options to best preserve the historic character, site and setting of their buildings.
The Internal Revenue Service (IRS) this week published an updated frequently asked questions (FAQ) document concerning the federal historic tax credit (HTC). The questions addressed include eligibility and definitions, qualified rehabilitation expenditures, basis and several other key aspects surrounding HTC. The FAQ provides a quick overview of the HTC incentive, as well as references to the relevant sections of the Internal Revenue Code, key Treasury Regulations and other IRS guidance. The IRS emphasized that the answers do not constitute legal authority and may not be relied upon as such. They do not amend, modify or add to the income tax regulations or any other legal authority.
Legislation in Maryland takes effect July 1 that will expand the types of property eligible for its state historic revitalization tax credit (HTC). H.B. 539 expands the definitions of “certified historic structures” and “single-family, owner-occupied residences” to include structures located on property owned by the Maryland Department of Natural Resources, is occupied by a person under an agreement with the department that allows the occupant to pay for the structure’s rehabilitation as a condition of occupancy and meets one of the criteria to be designated as a certified historic structure or be eligible to be listed in the National Register of Historic Places as determined by the director of the Maryland Historical Trust.
The Iowa Economic Development Authority (IEDA) in May released its Historic Preservation Tax Credit Program 2020 Progress Report. Created in 2000, the Iowa historic tax credit (HTC) provides a state tax credit equal to 25% of a development’s qualified rehabilitation expenditures. The annual report on Iowa’s HTC includes information on awards and claims made under the program, the liability to the state and the potential impact on local property taxes as a result of completed projects.
The Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System and the Federal Deposit Insurance Corporation today published a statement that extends for 36 months the period for favorable Community Reinvestment Act (CRA) regulation consideration for bank activities that help revitalize or stabilize disaster areas in Puerto Rico and the U.S. Virgin Islands hit by Hurricane Maria. The extension now lasts through Sept. 20, 2023, and applies to institutions located outside of the areas.
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