The Missouri Department of Economic Development proposed amendments to the state historic tax credit (HTC), clarifying stages when an application may be submitted, altering the order in which credits are allocated from a set-aside in qualified census tracts, clarifying which applications require a level of economic stress evaluation and more. The Missouri HTC is for 25% of qualified rehabilitation expenditures for commercial or residential properties. Comments are accepted through Saturday.
The National Park Service (NPS) announced today that it has issued revised application forms and instructions for historic tax credits (HTCs) ahead of an Aug. 15 deadline.
Rhode Island Gov. Daniel McKee last month signed legislation extending the sunset date of the state historic tax credit (HTC) to June 30, 2024. H.B. 6106 extends the sunset date by one year or until the maximum aggregate credits is exhausted. The Rhode Island HTC is for 20% of qualified rehabilitation expenditures (QREs) for commercial property owners, condominiums and nonprofits, with a 5% bonus if 25% of total rental space (or the entire first floor) is used in trade or business. The Rhode Island HTC was extended 18 months in mid-2021, then an additional six months in late 2022.
Legislation introduced in the Illinois House of Representatives would permit a taxpayer who begins the restoration or preservation of a property before the end of 2026 to have extended eligibility to receive the state River Edge historic tax credit (HTC). H.B. 4106 would allow the taxpayer to receive the tax credit until the taxable year that the project is completed or suspended. The River Edge HTC is for 25% of qualified rehabilitation expenditures (QREs) and sunsets Dec. 31, 2026.
The Advisory Council on Historic Preservation in June adopted a Climate Change and Historic Preservation Policy Statement to acknowledge the connections between climate change and historic properties. The statement urges stakeholders to take steps to address the impacts in all stages of planning, including that for properties receiving the federal historic tax credit (HTC). The statement lists 15 priorities, with calls for the impact to historic properties to be an integral part of climate adaptation planning and implementation, a survey and identification of historic properties to focus on areas with the highest potential for climate impacts, permitting and environmental review of clean energy projects and climate-friendly transportation projects to be expedited while ensuring full consideration of potential impact to historic properties and more.
The Advisory Council on Historic Preservation (ACHP) is seeking feedback on the application and interpretation of the Secretary of the Interior’s Standards for the Treatment of Historic Properties, particularly the standards that determine whether properties qualify for the federal historic tax credit (HTC). ACHP seeks feedback on concerns about the application and interpretation of the Standards and how guidance and training could improve the use of the Standards to improve the federal response to equity, housing supply, energy efficiency, renewable energy or climate-change-related concerns. Comments are due by 5 p.m. ET July 20 by emailing [email protected].
The National Park Service (NPS) and state historic preservation offices (SHPOs) will accept only historic tax credit (HTC) applications that are submitted electronically beginning Aug. 15. The NPS announced the change last week and said it will issue new downloadable, fillable application forms the week of July 10. Each SHPO will continue to have its own submission process. A News from Novogradac blog post includes more details on the announcement and what stakeholders should do to prepare.
Louisiana Gov. John Bel Edwards this week signed legislation that extends the state historic tax credit (HTC) through Jan. 1, 2029, and increases the tax credit percentage to 25% of qualified rehabilitation expenditures (QREs) as of Jan. 1, 2023. H.B. 483 also adds a provision that increases the HTC percentage to 35% for properties in a rural area, which is defined as a parish with a population of less than 100,000, a municipality with a population of less than 35,000 or an unincorporated area of a parish that has a population of more than 100,000. The state HTC previously was for 20% of QREs and had a sunset date of Jan. 1, 2026.
Legislation in Alabama that took effect last week makes changes to the state historic tax credit (HTC), including increasing the minimum age for a historic structure to qualify to 75 years for credit applications submitted after June 1, 2023, and extending the $20 million annual statewide cap through 2027. H.B. 253 also allows the state HTC to be claimed in the year a credit reservation is allocated to a project, permits the Alabama Historical Commission to use up to an additional $5 million to reduce the backlog of qualified applicants and limits to $200 million to total credits that can be reserved from May 25, 2017, through Dec. 31, 2027.
Budget legislation in Illinois that took effect last week makes changes to the state new markets tax credit (NMTC), historic tax credit (HTC), River Edge Redevelopment Act and other issues. S.B. 1963 includes provisions that change the sunset date for the state NMTC to the end of fiscal year 2031 and retain the annual statewide allocation amount of $20 million for fiscal years beginning before July 1, 2023, going to $25 million thereafter.
Georgia recently released guidance revising the regulations that apply to the state’s historic rehabilitation tax credit (HTC), including an extension of the sunset date to Dec. 31, 2027.
Budget legislation signed into law last week by Gov. Tim Walz reinstates and extends the state historic tax credit (HTC) through June 30, 2030, as well as makes the credit retroactive for properties that began rehabilitation work after July 1, 2022. H.F. 1938 restores the credit, which expired June 30, 2022. The Minnesota HTC is for 20% of qualified rehabilitation expenditures (QREs), with no statewide annual cap. To receive the retroactive credits, the state must receive the application by Aug. 30.
Minnesota budget legislation signed into law last week by Gov. Tim Walz temporarily reinstates the state historic tax credit (HTC) through the end of June. H.F. 1938 restores the credit, which expired June 30, 2022, for properties that started rehabilitation work during the period of July 1, 2022, through June 30, 2023, if the application for the credit is received on or before Aug. 30, 2023. The Minnesota state credit is for 20% of qualified rehabilitation expenditures (QREs).
Legislation to extend the sunset date and reduce the statewide cap for the Nebraska historic tax credit (HTC) is now with the legislature’s Revenue Committee. LB 697 would extend the sunset date for the Nebraska Job Creation and Mainstreet Job Development Act–which includes the state HTC–from the end of 2022 to the end of 2031. The bill would also reduce the annual HTC cap from $15 million to $12 million starting Jan. 1, 2025, with $4 million annually reserved for applications seeking less than $100,000 in credits.
Indiana Gov. Eric Holcomb signed budget legislation that institutes a state historic tax credit (HTC) worth 25% of a development’s qualified rehabilitation expenses (QREs), with a 5% addition for certain properties. H.B. 1454 includes a provision to create the state HTC with an annual statewide cap of $10 million. The 5% bonus is for nonprofit buildings or those that are not income producing. The credit can be taken during fiscal years beginning after June 30, 2023, and expires June 30, 2030.
The California Office of Historic Preservation (OHP) is seeking public comment on proposed regulations for the state historic tax credit (HTC) through June 20. The California HTC was approved by the Legislature in 2019 and is funded at $50 million annually. The OHP, which will oversee the credit with the California Tax Credit Allocation Committee (CTCAC), released regulations and proposes to complete formal rulemaking in the third quarter of this year, with the first applications being accepted in late 2023 or early 2024. Comments may be submitted at info.[email protected] with a subject line of 4859 PUBLIC COMMENT.
A bill introduced in the Maine Legislature would boost the state historic tax credit (HTC) percentage for certain properties and add a credit for weatherization of historic properties. L.D. 1810 would increase the state HTC percentage when used for affordable housing from the current 30% to 35% and would provide a boost to 45% if the federal HTC is not used. The legislation would also increase the regular credit from 25% to 30% if the property does not receive a federal HTC and would increase the project cap from $250,000 to $1 million under that scenario. The legislation would add a 25% credit for the rehabilitation and weatherization of historic homes for a taxpayer who incur at least $5,000 in expenditures.
Multiple amendments to Texas’ state historic preservation tax credit (HTC) take effect April 30. A slate of adopted rules issued earlier this month by the Texas Historical Commission are aimed at better aligning Texas’ HTC with the federal HTC. Five sections saw revisions to combine, clarify and amend information.
A bill in the Louisiana legislature would extend the state historic tax credit (HTC) and make eligible for the state HTC historic structures that are either individually listed or deemed as a contributing element within a National Register Historic District as well as historic structures in rural areas. H.B. 483 would extend the sunset date for the credit from Jan. 1, 2026, to Jan. 1, 2029, and also defines “rural area,” as a parish with a population of less than 100,000, a municipality with a population of less than 35,000 or an unincorporated area of a parish with a population of 100,000 ore more. Under the bill, properties in rural areas would be eligible for a 30% state credit, while all other recipients would receive a 20% credit.
Minnesota’s state historic rehabilitation tax credit (HTC) developments in fiscal year 22 (FY22) are expected to generate nearly $350 million of economic activity, according to a report released earlier this week by the University of Minnesota Extension. “Economic Impact of Projects Leveraged by the Minnesota Historic Rehabilitation Tax Credit: Fiscal Year 2022” found that, from 2011 through 2022, Minnesota’s state HTC generated more than $5.8 billion in economic activity. Minnesota’s HTC, enacted in 2010, expired June 30, 2022.
- 1 of 29
- next ›