The Illinois General Assembly Aug. 3 enrolled H.B. 5686 (Public Act 100-0695) to transfer the administration of the River Edge Redevelopment Zone and the state historic preservation tax credit pilot program from the State Historic Preservation Agency to the Department of Natural Resources.
Illinois Gov. Bruce Rauner signed legislation this week to expand the state’s River Edge historic tax credit (HTC) to the entire state. SB 3527 expands the 25 percent HTC–which was available to five cities previously–to the rest of the state, with a $15 million annual cap on a first-come, first-served basis. There is a $3 million project cap and the credit will sunset at the end of 2023.
Delaware Gov. John Carney signed legislation increasing the state historic tax credit (HTC) cap for a single rehabilitation of an owner-occupied property from $20,000 to $30,000. SB212 applies to the 30 percent credit for property that is not eligible for the federal HTC.
Missouri Gov. Mike Parson signed into law S.B. 773 to reduce the annual aggregate cap of state historic tax credits (HTCs) from $140 million to $90 million for each fiscal year commencing with the effective date of the statute, Aug. 28, 2018. An additional $30 million in state HTCs above the $90 million cap may be authorized for projects in a qualified census tract.
Delaware Gov. John Carney signed legislation this month to increase the annual statewide cap on state historic tax credits (HTCs) to $8 million for fiscal years 2019-2024. The previous cap was $6.5 million. HB 475 also appropriated $6 million to the Affordable Rental Housing Program, which is intended to be used to leverage other sources, such as low-income housing tax credits.
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