Recent News

Tuesday, April 20, 2021

A bill introduced in the New York Assembly would extend the period of expenses eligible for the state’s historic tax credit (HTC) for barns and change the date by which the barn was required to have been built to be eligible. A. 6947 would make qualified rehabilitation expenditures (QREs) made within five years immediately preceding the year in which the HTC is applied eligible for the 25% credit. It also would change eligibility for the credit to barns built in 1945 and earlier from the current requirement of 1936 and earlier.

Tuesday, April 20, 2021

Two bills introduced in the Massachusetts legislature would make changes to the state historic tax credit (HTC) incentive. H. 2835 would increase the annual cap for the state credit from $55 million to $75 million and establish the credit at 20% (previously it was worth up to 20%). H. 2837 would extend the sunset date from Dec. 31, 2022, until Dec. 31, 2027.

Tuesday, April 20, 2021

Mississippi Gov. Tate Reeves signed legislation reinstating the refundability of the state historic tax credit (HTC), a provision that was removed last summer in legislation that extended the credit through 2030. H.B. 1296 allows a rebate of up to 75% of the state HTC if the amount of the credit exceeds the taxpayer’s tax liability. The statewide cap for refunds is $12 million for projects with qualified rehabilitation expenses (QREs) of less than $1.75 million and $12 million for projects with QREs of $1.75 million or more. Mississippi’s HTC is for 25% of QREs.

Tuesday, April 20, 2021

Budget legislation signed today by Gov. Andrew Cuomo allows developers of small historic tax credit (HTC) projects to receive a state credit worth 150% of the federal credit. S. 2509 enacts legislation introduced separately earlier this year and defines “small project” as a property with qualified rehabilitation expenditures (QREs) of $2.5 million or less. The change applies to taxable years beginning Jan. 1, 2022, through Jan. 1, 2025.

Tuesday, April 13, 2021

Legislation to eliminate the sunset date and transaction cap for the West Virginia historic tax credit (HTC) has passed both houses of the state Legislature and awaits the signature of Gov. Jim Justice. S.B. 344 would remove the Dec. 31, 2022 expiration date, as well as all annual caps. Justice can sign or veto the bill. If he does neither, the bill becomes law.

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