Technical and administrative guidance released today by the Organization for Economic Co-Operation and Development (OECD)/Group of Twenty (G20) provides clarification on the treatment of key community development tax incentives concerning a global minimum tax (GMT) on multinational corporations. More than 140 nations agreed with the guidance, which will form a common approach for countries to implement the rules concerning the GMT.
Legislation to introduce a state historic tax credit (HTC) was read twice this week in the Arizona state Legislature. H.B. 2258 would authorize a combined annual aggregate cap of $15 million in tax credits from Dec. 31, 2023, through Dec. 31, 2033. The amount of the credit is 20% of the qualified rehabilitation expenditures (QREs). The credit can be carried forward 10 years.
Legislation introduced in the Indiana state Senate would create a state historic tax credit (HTC). S.B. 478 would create a state credit worth 30% of qualified rehabilitation expenditures (QREs) for nonprofit properties that don’t produce income. All other historic rehabilitations would receive a 25% state HTC. The credit could be carried forward up to 10 years. There would be a $10 million annual cap and the credit would expire Jan. 1, 2033. Indiana currently has a residential HTC only.
A bill introduced Tuesday in the New Hampshire Legislature would establish a historic tax credit (HTC) for housing. S.B. 231 would create a five-year credit capped at $5 million annually in contributions for historical structures being used as or converted to multifamily apartments. The tax credit would be applicable to up to 65% of the contribution made by an investor to the state authority, which would pass the investment to a specific project. If passed, the legislation would take effect July 1.
A bill introduced in the Nebraska Legislature would expand the state historic tax credit (HTC) percentage, while also decreasing the statewide cap beginning in 2024. L.B. 756 would increase the state HTC percentage from 20% to 25% for properties in counties with cities with a population 100,000 or more, while those in other counties would be worth 30% of eligible expenditures. The maximum HTC amount per property would be $2 million and beginning Jan. 1, 2024, the statewide annual cap would drop from $15 million to $12 million. The legislation would also add a provision requiring properties to be at-grade or aboveground to be eligible for the HTC.
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