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A tax budget trailer bill signed by California Gov. Gavin Newsom extends the state’s historic tax credit (HTC) by one year. A.B. 150 includes a provision that extends the sunset date of the HTC from taxable years that start on or before Jan. 1, 2026, to those starting on or before Jan. 1, 2027. California’s state HTC is for 20% of qualified rehabilitation expenses (QREs), with a 5% bonus for certain types of property. There is a $50 million annual cap, with a $2 million set-aside for residences and an $8 million set-aside for developments with QREs of $1 million or less.
Delaware Gov. John Carney signed legislation June 30 to regulate issuance of bonds and other delineations of capital, including extending a maximum of $8 million for fiscal years 2022 through 2027 for the state’s historic preservation tax credits (HTCs). S.B. 200 pushes the applicable years for the $8 million maximum forward one year; it previously applied from 2021 through 2026.
Rhode Island Gov. Daniel McKee signed budget legislation that contained an 18-month extension to the state historic tax credit (HTC). H. 6122 makes appropriations for the fiscal year ending June 30, 2022 and extends the sunset date of the state HTC from June 30, 2021, to Dec. 31, 2022, or when the maximum aggregate credit limit is reached. Rhode Island’s HTC is for 20% of qualified rehabilitation expenditures for commercial properties, condominiums and nonprofits. The credit is worth 25% if 25% of the total rentable space or entire first floor is used in trade or business.
New Jersey Gov. Phil Murphy signed legislation that shifts tax credits to the state wind energy program and makes changes to the state historic tax credit (HTC) and brownfield program concerning prevailing wage requirements. A. 5939 moves $350 million in tax credits originally intended for the New Jersey Emerge Program and the New Jersey Aspire Program to the wind energy tax incentive and provides that if less than the annual limitation of credits under those programs is awarded, the uncommitted credits be made available to qualified offshore wind projects. The HTC and brownfield program change requires that prevailing wage requirements also apply to building services work under those incentives.
The Michigan state historic preservation office (SHPO) presented draft rules for the reinstated state historic tax credit (HTC) and is accepting comments until 5 p.m. ET July 30. The state HTC, which was signed into law at the end of 2020, is for 25% of qualified rehabilitation expenditures with an annual statewide cap of $5 million and a taxpayer cap of $2 million.
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