Legislation to extend the sunset date and reduce the statewide cap for the Nebraska historic tax credit (HTC) is now with the legislature’s Revenue Committee. LB 697 would extend the sunset date for the Nebraska Job Creation and Mainstreet Job Development Act–which includes the state HTC–from the end of 2022 to the end of 2031. The bill would also reduce the annual HTC cap from $15 million to $12 million starting Jan. 1, 2025, with $4 million annually reserved for applications seeking less than $100,000 in credits.
Indiana Gov. Eric Holcomb signed budget legislation that institutes a state historic tax credit (HTC) worth 25% of a development’s qualified rehabilitation expenses (QREs), with a 5% addition for certain properties. H.B. 1454 includes a provision to create the state HTC with an annual statewide cap of $10 million. The 5% bonus is for nonprofit buildings or those that are not income producing. The credit can be taken during fiscal years beginning after June 30, 2023, and expires June 30, 2030.
The California Office of Historic Preservation (OHP) is seeking public comment on proposed regulations for the state historic tax credit (HTC) through June 20. The California HTC was approved by the Legislature in 2019 and is funded at $50 million annually. The OHP, which will oversee the credit with the California Tax Credit Allocation Committee (CTCAC), released regulations and proposes to complete formal rulemaking in the third quarter of this year, with the first applications being accepted in late 2023 or early 2024. Comments may be submitted at [email protected] with a subject line of 4859 PUBLIC COMMENT.
A bill introduced in the Maine Legislature would boost the state historic tax credit (HTC) percentage for certain properties and add a credit for weatherization of historic properties. L.D. 1810 would increase the state HTC percentage when used for affordable housing from the current 30% to 35% and would provide a boost to 45% if the federal HTC is not used. The legislation would also increase the regular credit from 25% to 30% if the property does not receive a federal HTC and would increase the project cap from $250,000 to $1 million under that scenario. The legislation would add a 25% credit for the rehabilitation and weatherization of historic homes for a taxpayer who incur at least $5,000 in expenditures.
Multiple amendments to Texas’ state historic preservation tax credit (HTC) take effect April 30. A slate of adopted rules issued earlier this month by the Texas Historical Commission are aimed at better aligning Texas’ HTC with the federal HTC. Five sections saw revisions to combine, clarify and amend information.
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