All News

Friday, January 22, 2021

The Alabama Department of Revenue amended regulations concerning the state historic tax credit (HTC). Under the new regulations, the state HTC can only be transferred once.

Tuesday, January 5, 2021

Legislation to be introduced in the New York Assembly Wednesday would allow the state historic tax credit (HTC) to be transferred. A. 899 would apply to the state’s 20% HTC and would be applicable to taxable years beginning on or after Jan. 1, 2022.

Thursday, December 31, 2020

Michigan Gov. Gretchen Whitmer signed legislation Wednesday that reinstates the state historic tax credit (HTC) through the end of 2030. S.B. 54 grants a state HTC for 25% of qualified rehabilitation expenses, with a statewide cap of $5 million and a per-taxpayer cap of $2 million.

Tuesday, December 15, 2020

Legislation introduced in the House of Representatives would limit the ability of high-income taxpayers to benefit from tax deductions through syndicated conservation easement transactions–while providing a different timeline than a similar bill in the Senate when it comes to preserving historic buildings. H.R. 8842 is similar to a S. 4751, which was introduced in September.

Friday, December 4, 2020

The Office of the Comptroller of the Currency (OCC) today published a notice of proposed rulemaking requesting comment on its approach to determine Community Reinvestment Act (CRA) measurement thresholds.

Monday, November 30, 2020

President-elect Joe Biden today formally nominated Janet Yellen to be his Secretary of the Treasury. Yellen, the chairwoman of the Federal Reserve from 2014-2018, would be the 78th Treasury Secretary and first woman to hold the position if confirmed by the U.S. Senate.

Monday, November 23, 2020

A provision in Virginia’s 2020-2022 biennium budget extends the sunset date for the state’s land preservation tax credit to 2023. The provision retains the $20,000 annual cap on the credit that had expired Jan. 1, 2020. The extension went into effect Nov. 18.

Friday, November 20, 2020

The Texas historic preservation tax credit (HTC) has resulted in 243 properties being completed and an investment of more than $2.6 billion in historic buildings since 2015, according to a report from the Texas Historical Commission. The report estimates that the state HTC has supported more than 54,000 jobs in the state with more than $3.2 billion in wages and income during that time.

Friday, October 9, 2020

The Advisory Council on Historic Preservation issued a program comment for the U.S. Army to set forth how the Army complies with Section 106 of the National Historic Preservation Act for its inventory of inter-war era historic housing management actions. Section 106 requires federal agencies to consider the effects of projects they carry out, license or assist on historic properties.

Thursday, October 1, 2020

South Carolina Gov. Henry McMaster signed H. 3485 into law Sept. 29 to make changes to the state historic tax credit (HTC).

Tuesday, September 22, 2020

A Novogradac special report released today examines the implications of a Democratic sweep of the House of Representatives, Senate and White House in November’s election.

Tuesday, September 15, 2020

The Internal Revenue Service submitted final regulations today for publication in the Federal Register concerning the five-year period over which the federal historic tax credit (HTC) may be claimed, along with other special rules for investment credit property. Proposed regulations were published in May and adopted as final without modification.

Thursday, July 30, 2020

The Internal Revenue Service today published Notice 2020-58 to provide additional COVID-19 relief to taxpayers in satisfying the substantial rehabilitation test for the historic tax credit (HTC).

Wednesday, July 15, 2020

Louisiana Gov. John Bel Edwards signed legislation to extend the sunset date of the state historic tax credit (HTC) until the end of 2027 and establish an annual cap. H.B. 4 moves the sunset date for the state 20 percent HTC from the end of 2021 until the end of 2027 and sets the annual statewide cap for HTCs at $125 million.

Thursday, July 9, 2020

Mississippi Gov. Tate Reeves this week signed into law H.B. 1729, which—among other things—extends the state historic tax credit (HTC) sunset date from 2020 to 2030. H.B. 1729 authorizes the state HTC at an aggregate $180 million and allows a taxpayer to elect to receive a rebate of 75 percent of the credit in lieu of a 10-year-carryforward (previous law allowed a 75 percent credit on the amount beyond $250,000 in that circumstance).

Monday, July 6, 2020

The Delaware state historic tax credit will be funded an additional year–through 2026–after state budget legislation was signed into law last week. S.B. 242 funds the state HTC at $8 million annually from 2021-2026. The HTC was previously funded at that amount for 2020-2025.

Wednesday, July 1, 2020

The House of Representatives today approved a sweeping infrastructure bill, voting to send the $1.5 trillion legislation to the Senate. The Moving Forward Act (H.R.

Monday, June 29, 2020

The Rhode Island budget bill signed last week by Gov. Gina Raimondo includes a provision to fund the state historic tax credit (HTC), thereby extending the HTC sunset date until June 30, 2021. H. 7170 calls for a transfer of $5 million in appropriations for the Rebuild Rhode Island Tax Credit program.

Monday, June 22, 2020

Sweeping infrastructure legislation released today in the House of Representatives includes provisions to establish a permanent minimum 4 percent rate for the low-income housing tax credit (LIHTC), increase the annual LIHTC allocation amount, temporarily reduce the 50 percent test for bond-financed housing to 25 percent and permanently extend the new markets tax credit (NMTC) at $5 billion (with additional allocation in 2020 and 2021).

Wednesday, June 10, 2020

The U.S. Department of Treasury and the Internal Revenue Service (IRS) today posted a notice seeking recommendations to be included on the 2020-2021 Priority Guidance Plan. The Priority Guidance Plan identifies guidance projects that the Treasury and the IRS intend to focus on from July 1, 2020, through June 30, 2021.