Legislation in Nevada to create a state historic tax credit has been sent to the House Ways and Means Committee. A.B. 178 would create a transferable 20 percent state HTC for qualified rehabilitation expenses of at least $20,000 on historic buildings. The credit would jump to 25 percent for properties in certain state or federal rehabilitation programs and 30 percent for affordable housing.
Legislation was introduced this week in Pennsylvania to raise the annual cap for the state historic tax credit from $3 million to $30 million and extend the sunset date by more than a decade, from 2020 to 2031. S.B. 541 would also increase the project cap from $500,000 to $2.5 million and create a 5 percent bonus for workforce housing properties.
Maryland legislation that establishes the Opportunity Zone (OZ) Enhancement program and extends the state historic tax credit (HTC) program through 2024 has been sent to Gov. Larry Hogan for his signature. S.B. 581 would make qualifying businesses in OZs eligible for six state tax credit incentives.
The National Park Service will accept comments through the end of April on a proposed rule published in the National Register to revise regulations concerning the listing of properties on the National Register of Historic Places (NRHP).
The Treasury Department’s second-quarter update to the 2018-2019 Priority Guidance Plan includes plans to provide guidance for the low-income housing tax credit average-income test, the use of historic tax credit for disaster relief, regulations to clarify certain rules for the new markets tax credit and guidance on private-activity bonds for affordable housing.
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