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Georgia Gov. Brian Kemp signed into law this week legislation extending the sunset date for the state’s historic tax credit (HTC) by two years and expanding criteria for a home to be considered historic. S.B. 496 extends the sunset date for the state HTC from Dec. 31, 2027, to Dec. 31, 2029, and requires that after Jan. 1, 2026, homes meet certain specific criteria to qualify for the credit.

The National Park Service (NPS), which oversees the federal historic tax credit (HTC) incentive, launched a new web page with information on sustainability, energy efficiency and resilience in historic buildings. This is the first time that information is gathered on one site. The NPS also issued new guidance on resilience to natural hazards, adapted from guidance issued in 2017 and 2021.

Virginia Gov. Glenn Youngkin signed legislation last week to increase the annual taxpayer cap for state historic tax credits (HTCs) from $5 million to $7.5 million. H.B. 960 makes the change effective for taxable years beginning on or after Jan. 1, 2025. The Virginia HTC is for 25% of qualified rehabilitation expenditures (QREs) with no annual statewide cap.

A bill introduced in the Kentucky House of Representatives would allow the recipient of a transferred state historic tax credit (HTC) to carry the excess credit forward seven years. H.B. 699 would allow a taxpayer to either receive a refund or carry forward the excess for HTC applications received after April 30, 2023. Current regulations allow only the refund.

Properties with rehabilitation funded by federal historic tax credit (HTC) equity totaled $7.3 billion in private investment and created 122,000 new jobs during fiscal year 2022 (FY 2022), according to a report issued this week by the National Park Service (NPS). The Annual Report on the Economic Impact of the Federal Historic Tax Credit for Fiscal Year 2022 also showed that half of certified rehabilitation projects in 2022 were in low- and moderate-income areas, 78% were in economically distressed areas and 29% were in communities of less than 50,000 residents.

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