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Pennsylvania budget legislation signed into law earlier this month included a provision to increase the state’s historic preservation tax credit (HTC) annual cap from $5 million to $20 million. S.B. 654 makes that change and states that any unused amount from a previous year shall be available on a first-come, first-served basis. Pennsylvania’s state HTC is worth 25% of qualified rehabilitation expenditures (QREs) for properties that qualify for the federal HTC.

Missouri Gov. Mike Parson signed legislation this week to provide a bonus state historic tax credit (HTC) for historic preservation in counties that don’t include the state’s two largest cities, allow nonprofits to receive the HTC and make other regulatory changes. H.B. 2062 changes several provisions, including allowing a jump from the 25% HTC to 35% for properties in counties that don’t include cities with more than 400,000 residents–which is only St. Louis or Kansas City.

Delaware Gov. John Carney last week signed legislation authorizing the state historic tax credit (HTC) for an additional year at its $8 million annual cap. H.B. 475 authorizes that cap amount through 2030, rather than the previous end date of 2029. This is the sixth consecutive year the Legislature extended the period of the state HTC by one year.

The New York State Department of Taxation and Finance ruled last month that the $5 million cap on the federal historic rehabilitation tax credit (HTC) applies on a per-structure basis. The state issued a technical memorandum noting that requiring multiple structures be submitted on one application is “irrelevant.” The department relies on the New York State Office of Parks, Recreation and Historic Preservation (OPRHP) to determine separate historic structures eligible for the credit.

Two bills introduced in the Pennsylvania Legislature would increase the $5 million annual cap for the state historic tax credit (HTC). S.B. 1259 would increase the cap to $50 million, while H.B. 2358 would increase the cap to $20 million. The Pennsylvania HTC is worth 25% of qualified rehabilitation expenditures with a $500,000-per-development cap.

Legislation to extend the Colorado state historic tax credit (HTC), among other changes to the incentive’s provisions, was signed into law Tuesday by Gov. Jared Polis. H.B. 1314 extends the expiration date of the credit from Dec. 31, 2029, to Dec. 31, 2036. Additionally, the bill creates a separate pool of $5 million for properties that are at least 50% affordable housing rental homes.

Legislation to expand the list of taxes against which Connecticut’s historic residential rehabilitation tax credit (HTC) applies has been enacted into law. H.B. 5190 makes the historic homes HTC refundable against individual income tax and allows it to be carried forward for four additional years against other taxes

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.

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