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.
The Missouri Department of Economic Development issued emergency rules concerning the state historic tax credit, effective March 30 through Dec. 31, 2019.
Legislation in Connecticut that would allow easier redevelopment of historic buildings–including those in opportunity zones (OZs)–has been narrowed. H.B. 6552 would give qualifying towns authority to determine what is historic and how to protect historic buildings.
Legislation introduced in the Louisiana Legislature would extend the sunset date for the state historic tax credit (HTC) to Jan. 1, 2026. H.B. 83 would apply to the credit, which is for 20 percent of qualified rehabilitation expenses and has a current expiration date of Jan. 1, 2022.
A bipartisan group of 34 state representatives introduced legislation in the North Carolina House of Representatives to extend and expand the state historic tax credit (HTC). H.B. 399 would extend the HTC sunset date from Jan. 1, 2020, to Jan. 1, 2030, and would increase the maximum amount of qualified rehabilitation expenses eligible for the 15 percent and 10 percent state HTC.
Legislation in the Maryland state Senate to provide a 5 percent bonus for state historic tax credit (HTC) properties in opportunity zones (OZs) advanced from the Budget and Taxation Committee. S.B. 656 is a companion bill to legislation introduced in the House of Representatives. The legislation would expand projects eligible for the 5 percent increase to include OZs.
The Advisory Council on Historic Preservation will hold its quarterly business meeting April 4 at 8:30 a.m. in the Russell Senate Office Building in Washington, D.C. The agenda includes the transition to a full-time ACHP chair and issues concerning Section 106 of the National Historic Preservation Act. Meetings are open to the public.
The Maryland Department of Planning and Development adopted changes to regulations for the state historic tax credit, conforming the regulations to H.B. 1454, passed in 2018. The legislation authorized an additional 5 percent credit on top of the existing 20 percent credit for HTC developments that result in a property that receives an allocation of federal low-income housing tax credits.
Legislation introduced in the Vermont Legislature would make investments made in opportunity zones eligible to apply annually for the state Downtown and Village Center Tax Credit, which is twice as often as other projects are allowed to apply. H 442 would expand eligibility under the program only for OZ investments.
The National Park Service issued 1,013 certifications of completed work in fiscal year 2018 (FY 2018), according to “Federal Tax Incentives for Rehabilitating Historic Buildings,” its annual report released Monday. The NPS report said the agency tracked more than $6.9 billion in private investment in historic preservation and community renewal in FY 2018, including 12,527 new housing units and 6,994 rehabilitated housing units.
Legislation to create a California state historic tax credit (HTC) was introduced in the state Senate. SB 451 would create a 20 percent state HTC for historic rehabilitation, with a statewide cap of $50 million per year–$10 million of which would be set aside for developments with qualified rehabilitation expenditures (QREs) of less than $1 million.
The Illinois Department of Revenue has released a decision that its River Edge Historic Preservation Tax Credit can’t be transferred, but that a taxpayer can file an amended state tax return to claim the credit within three years of the extended due date of the original return.
New regulations concerning the review process for qualified residential structures under the Colorado state historic tax credit (HTC) will become effective March 17. The regulations were adopted to ensure that taxpayers receive prompt and consistent reviews of proposed and completed rehabilitation work and that tax credit certificate reporting is timely and complete. The regulations provide the review process for the state historic preservation officer, State Historical Society of Colorado and certified local governments as reviewing entities. The Colorado HTC is available through 2029.
Virginia Gov. Ralph Northam signed legislation to reinstate a $5 million annual taxpayer cap on the state historic tax credit, effective July 1. HB 2705 passed the House by a 94-2 vote and the Senate by a 25-15 margin. A $5 million cap was in effect for 2017 and 2018, but expired Jan. 1.
Legislation introduced in Connecticut would provide an exemption for buildings in opportunity zones (OZs) and in distressed municipalities from compliance with certain historic preservation requirements. HB6552 would exempt individuals who wish to alter a historic building in an OZ from the full process in the state code for historic renovation. It would also exempt distressed cities that have been unable to alter a historic building for five years or more.
Legislation was introduced in both houses of the Tennessee Legislature to create a state historic tax credit (HTC). HB 1063 (and SB 1053) would create an HTC worth 10 percent of qualified rehabilitation expenditures for properties in Davidson or Williamson counties; 20 percent for structures in Hamilton, Knox or Shelby counties; and 30 percent for all other certified historic structures.
- 1 of 15
- next ›