Recent News

Tuesday, August 24, 2021

The House of Representatives approved the fiscal year 2022 budget resolution Tuesday, unlocking forthcoming $3.5 trillion reconciliation legislation that will likely include a significant expansion of the low-income housing tax credit (LIHTC), creation of the neighborhood homes tax credit (NHTC) to incentivize the development and rehabilitate single-family housing in distressed neighborhoods and more funding for a wide variety of U.S. Department of Housing and Urban Development (HUD) programs. In addition to these resources, the forthcoming reconciliation legislation possibly could include the creation of the middle-income housing tax credit (MIHTC) to serve renters earning just above LIHTC income limits and expansion and enhancement for the federal historic tax credit (HTC), permanence and expansion of new markets tax credit (NMTC), extension and substantial expansion of renewable and clean energy tax credits

Thursday, August 12, 2021

The New Jersey Economic Development Authority published eligibility and award-size information concerning the state historic tax credit (HTC) that became law when Gov. Phil Murphy signed the Economic Recovery Act of 2020 in January. Eligible properties can receive credits worth up to 40% of qualified rehabilitation expenditures, up to a project cap of $4 million. Properties must be income-producing, qualify as a historic resource by one of four methods, demonstrate a project financing gap and have a developer with an equity participation of at least 20%.

Tuesday, August 10, 2021

Legislation introduced in the House of Representatives would provide an increase in the historic tax credit (HTC) for supermarkets in underserved areas. H.B. 4687 would increase the HTC for qualified rehabilitation expenditures (QREs) for properties that fit the definition of supermarkets in underserved areas from 20% to 24%. The bill would be effective for taxable years beginning after Dec. 31, 2021. The bill also would increase the work opportunity tax credit and create a tax credit for 15% of the gross receipts of sales of fresh fruits and vegetables for qualifying properties.

Tuesday, August 10, 2021

Legislation to resurrect New York’s Historic Barn Rehabilitation Tax Credit has passed the state Assembly and Senate and awaits the governor’s signature. S. 6042 would establish a credit for 25% of qualified rehabilitation expenditures on historic barns, bringing back a program that was abolished due to complications from federal tax reform in 2017. Barns built before 1945 would be eligible for the credit and those built after 1945 may qualify if they are listed on the state or National Register of Historic Places.

Thursday, July 29, 2021

Legislators in both houses of Congress this week introduced a bill to create a tax credit to convert unused office buildings into residential, institutional, hotel or mixed-use properties. The Revitalizing Downtowns Act (S. 2511) would create a 20% tax credit for expenses to convert obsolete office buildings, which are structures that are at least 25 years old. Residential conversions would require at least 20% of the units to be dedicated to affordable housing. Bill sponsors–Sens. Debbie Stabenow, D-Michigan, and Gary Peters, D-Michigan; Reps. Jimmy Gomez, D-California, Dan Kildee, D-Michigan and John Larsen, D-Connecticut–noted a decrease in the use of office space in the wake of the COVID-19 pandemic and rise of remote work.

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