Recent News

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.

Friday, May 6, 2022

Kansas Gov. Laura Kelly signed legislation Thursday to create a state low-income housing tax credit (LIHTC) for up to the amount of the federal LIHTC award to a property. The legislation also increased the state historic tax credit (HTC) percentages for certain properties. H.B. 2237 would create the state LIHTC effective for tax years beginning Jan. 1, 2023 or after. The state HTC percentage–which is currently 25%–will be increased to 30% of qualified rehabilitation expenditures (QREs) in cities of 9,500 to 50,000 residents and to 40% in cities of less than 9,500 residents. The legislation also creates the Kansas housing investor tax credit, which is a credit of up to $35,000 per unit for single-family homes with an annual cap of $13 million.

Thursday, May 5, 2022

The three major federal bank regulatory agencies today issued a joint notice of proposed rulemaking to strengthen and modernize Community Reinvestment Act (CRA) regulations. The Office of the Comptroller of the Currency (OCC), Board of Governors of the Federal Reserve System (Fed) and Federal Deposit Insurance Corporation (FDIC) jointly issued the proposal, which would be the first significant interagency revision to the CRA since 1995. The proposal would adopt a metrics-based approach to CRA evaluation of retail lending and community development financing that includes public benchmarks. The rule would also clarify eligible CRA activities that are focused on low- and moderate-income, rural and underserved communities, including affordable housing. 

Wednesday, May 4, 2022

Legislation to create a Kansas state low-income housing tax credit (LIHTC) is on the desk of Gov. Laura Kelly. H.B. 2237 would create a Kansas affordable housing tax credit for up to the amount of the federal LIHTC and would apply to tax years beginning Jan. 1, 2023 or later. The legislation would also change the state historic tax credit (HTC) to increase the credit to 30% of qualified rehabilitation expenditures (QREs) in cities of 9,500 to 50,000 residents and 40% of QREs for cities of less than 9,500 residents. The current Kansas HTC is for 25% of QREs, with 30% for nonprofits.

Special Report
product special report htc recapture - highlight block
Download your free copy now
Historic Mapping Tool
icon map
Find historic properties by state, district, census tract, and more.
Intro to HTC
House Ad Banner - HTC Intro 2021
Learn the HTC basics