Recent News

Wednesday, February 17, 2021

The Georgia Department of Revenue announced a proposed rule and a hearing to address changes in the department that oversees the state historic tax credit (HTC) incentive. Georgia S.B. 473 changed the certifying agency for the credit from the Georgia Department of Natural Resources to the Georgia Department of Community Affairs. The remote hearing will be March 23 at 10 a.m. ET.

Tuesday, February 16, 2021

The Illinois Rivers Edge Tax Credit, the state historic tax credit (HTC), would be extended five years under a bill introduced in the state Legislature. S.B. 157 would extend the sunset date from Jan. 1, 2022 to 2027. The credit is for 25% of qualified rehabilitation expenditures in areas that are located within the River Edge Redevelopment Zone and meet four other qualifications.

Tuesday, February 16, 2021

A bill introduced in the North Carolina House of Representatives would create a 5% bonus under the state historic tax credit (HTC) program for properties initially used for education and are placed into service for that purpose after rehabilitation. H.B. 70 would apply the bonus credit proportionately for properties that are used for multiple purposes. The North Carolina HTC is 15% for the first $10 million of qualified rehabilitation expenditures and 10% for amounts more than $10 million to $20 million.

Tuesday, February 16, 2021

A bill introduced in the Kentucky House of Representatives would increase the statewide historic tax credit (HTC) cap, increase transaction caps and encourage rural development. H.B. 344 would increase the statewide annual cap from $5 million to $30 million and would increase the annual individual cap for non-owner-occupied property from $400,000 to $5 million. The bill would also allow a 30% state HTC for development in a rural county (defined as a county with a population of less than 50,000) and reserve 40% of the statewide cap for rural counties.

Tuesday, February 16, 2021

Bills in the Tennessee Legislature would establish a state historic tax credit (HTC) worth 25% of qualified rehabilitation expenditures, with a 5% bonus for properties in specially designated areas. S.B. 678 (and an identical bill in the Tennessee House) would mirror the federal HTC with the addition of the bonus for designated areas (which include designated Tennessee main street communities or downtown communities, federal opportunity zones, counties with populations of less than 500,000, Tier 3 or Tier 4 counties and disaster areas).

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