The fiscal year 2023 budget for Rhode Island extended the sunset date for the Rhode Island state historic tax credit (HTC) by one year, to June 30, 2023, according to an advisory document published by the Rhode Island Department of Revenue, Division of Taxation. To receive HTCs, participants must also comply with prevailing wage requirements passed as part of H.B. 7985.
The Kansas Department of Revenue issued a notice describing two provisions passed into law for the state historic tax credit (HTC) and explaining how to claim the credit. H.B. 2237 included provisions to increase the state HTC to 30% for properties in cities with a population between 9,500 and 50,000 and to 40% for properties in a city with a population of less than 9,500. The legislation also requires a bank, savings and loan association or savings bank to pay taxes on 50% of the interested earned on loans to qualified taxpayers used for qualified expenditures for restoration and preservation of a qualified historic structure. The notice says taxpayers should complete and submit a Schedule K-35 with their income tax return to claim the state HTC.
The Advisory Council on Historic Preservation (ACHP) will publish an announcement in Wednesday’s Federal Register instituting an exemption for federal agencies to review the effects of certain electrical vehicle supply equipment on historic properties. The exemption from Section 106 is in response to two 2021 executive orders to prioritize clean energy vehicles, as well as the Infrastructure Investment and Jobs Act of 2021, which appropriated $550 billion for new infrastructure investments related to electric vehicles. The exemption does not apply on Tribal Lands unless the tribe provides written notification to the ACHP that it agrees with the use of the exemption on its lands. The exemption will be retroactive to Oct. 26.
The National Park Service (NPS) unveiled Wednesday its new Technical Preservation Services (TPS) website, including a site exclusively dedicated to the historic preservation tax credit (HTC). In an email announcing the unveiling, TPS said it subdivided its content into two sites for ease of navigation, with the HTC portion sectioned separately from the main site for TPS.
Properties financed by equity from the federal historic tax credit (HTC) generated 135,000 jobs and $8 billion in total rehabilitation investment in 2021, according to the Annual Report on the Economic Impact of the Historic Tax Credit for Fiscal Year 2021, released today by Rutgers University and the National Park Service. The jobs total was up 10.6% and the investment total was up 9.5% over the reported 2020 totals. The NPS certified 1,063 completed historic rehabilitation projects in fiscal year 2021 and approved another 1,098 proposed projects. According to the report, 44% of the projects in 2021 were in low- and moderate-income census tracts and 78% were in economically distressed areas. The report states that the HTC has produced more than 3 million jobs since 1979 and has led to an additional $60.7 billion in federal, state and local taxes.
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