Missouri Gov. Mike Parson signed into law S.B. 773 to reduce the annual aggregate cap of state historic tax credits (HTCs) from $140 million to $90 million for each fiscal year commencing with the effective date of the statute, Aug. 28, 2018. An additional $30 million in state HTCs above the $90 million cap may be authorized for projects in a qualified census tract.
Delaware Gov. John Carney signed legislation this month to increase the annual statewide cap on state historic tax credits (HTCs) to $8 million for fiscal years 2019-2024. The previous cap was $6.5 million. HB 475 also appropriated $6 million to the Affordable Rental Housing Program, which is intended to be used to leverage other sources, such as low-income housing tax credits.
A series of new provisions for the Alabama state historic tax credit will become effective July 14. The new provisions include a requirement that any nonprofit receiving a credit must file a state tax return for the year the project is placed in service, any tax credit transferred must be valued at 85 percent or greater of the present value and the recipient of a tax credit certificate must forward a copy of the certificate to the Alabama Department of Revenue within 30 days of the date of issuance.
Legislation to eliminate the existing basis adjustment requirement for historic tax credit (HTC) properties was introduced yesterday by Sens. Bill Cassidy, R-La., Ben Cardin, D-Md., Susan Collins, R-Maine, and Reps. Darin LaHood, R-Ill., and Earl Blumenauer, D-Ore. A press release from Sen.
Several Massachusetts tax credit programs, including the low-income housing tax credit (LIHTC) and the historic tax credit (HTC), were expanded and extended effective May 31. H 4536 extended the state LIHTC through 2025 with $5 million per year added for properties that improve existing state or federally assisted housing, along with a five-year housing bond issue.
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