Recent News

Monday, October 18, 2021

An Alabama Department of Revenue administrative rule took effect Oct. 15 amending the state’s historic tax credit (HTC) to allow the recipient of an HTC transfer to claim a refund for the difference if their taxes owed are less than the tax credit in the year the property is placed in service.

Thursday, October 14, 2021

Legislation introduced in Florida this week would create a state historic tax credit (HTC) worth 20% of qualified rehabilitation expenditures (QREs), with a 30% credit for properties in areas designed as part of the Florida Main Street Program. H.B. 247 would apply to income-producing properties that are rehabilitated and placed in service July 1, 2022, or later. Properties with more than $750,000 in QREs would be required to submit an audited cost report. The credit would be for 20% of QREs for properties that receive the federal HTC, with properties in the local program area of an accredited Main Street Program receiving the 30% credit. 

Thursday, September 30, 2021

Virginia Sens. Tim Kaine and Mark Warner reintroduced Wednesday the School Infrastructure Modernization Act, which would expand the federal historic tax credit (HTC) to allow for rehabilitations of schools that continue to operate as such. S. 2883 would exempt schools from the credit’s current requirement to serve a different function than previously. The law would apply beginning Dec. 31, 2021, with a window for the U.S.

Tuesday, September 28, 2021

The Georgia Department of Revenue will hold a meeting Nov. 3 at 10 a.m. ET to discuss a proposed rule that would establish the process for preapproval of claims for the state historic tax credit (HTC) for historic homes and certified structures earning less than $300,000. Proposed Rule 560-7-8-.56 would bring the state HTC regulations into conformity with state law. The rule would retain the statewide annual cap at $5 million for HTCs for historic homes and any certified structure earning $300,000 or less.

Thursday, September 23, 2021

Delaware Gov. John Carney signed Sept. 15 legislation to extend the state historic tax credit (HTC) by nine years. S.B. 182 moves the credit’s sunset date to June 30, 2030, from June 30, 2021. Delaware’s HTC is for 20% of qualified expenditures for properties eligible for the federal HTC.

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