All News

Friday, December 7, 2018

The West Virginia Tax Department amended, effective Dec. 31, certain regulations for its state historic tax credit (HTC). The amendments include changes to regulations concerning the distribution of the credit for ownership groups, the transfer of the credit, the results of being in arrears in payment of other taxes and more.

Tuesday, December 4, 2018

The National Trust for Historic Preservation published a report, “State Historic Tax Credits: Maximizing Preservation, Community Revitalization, and Economic Impact,” to serve as a guide for state and local policy makers to understand the benefits of historic rehabilitation and key factors to structure an effective state historic tax credit (HTC) program.

Monday, November 26, 2018

The Internal Revenue Service issued a notice of proposed rulemaking today for a provision of last year’s tax reform legislation that limits the business interest expense deduction for certain taxpayers.

Monday, November 26, 2018

The Louisiana Department of Revenue adopted regulations to clarify eligible costs and expenses for state historic tax credit (HTC) expenses incurred during the rehabilitation of a historic structure in a downtown development district or cultural district. The regulations also provide definitions, the application procedure, an appeal process and a procedure for claiming or transferring the state HTC. The credit was for 25 percent of costs incurred before Jan.

Friday, November 9, 2018

The Treasury Department on Thursday released the 2018-2019 Priority Guidance Plan, which includes plans to provide guidance for the low-income housing tax credit (LIHTC), new markets tax credit (NMTC) and historic tax credit (HTC). The Priority Guidance Plan covers the period from July 1, 2018, through June 30, 2019.

Wednesday, November 7, 2018

Results from Tuesday’s elections–with Democrats taking control of the House of Representatives and Republicans maintaining control of the Senate–and their effect on the affordable housing, community development and renewable energy communities are the subject of a Notes from Novogradac blog post and a

Friday, October 26, 2018

The Minnesota Department of Revenue issued guidance that the state historic tax credit (HTC) is fully claimed in the year the qualifying renovated building is placed in service. The federal HTC is now taken at 4 percent per year for five years, but the Minnesota credit, equal to the federal credit, is taken in one year.

Tuesday, October 23, 2018

Legislators in New Jersey combined two bills that would create a state historic tax credit (HTC) to reimburse taxpayers for 25 percent of their renovations over a 10-year period. The legislation was unanimously reported out of the Wagering, Tourism and Historic Preservation Committee. There would be a $25,000 project cap for homeowners and no cap for the business HTC, although there would be annual program caps of $15 million in 2019, $25 million in 2020, $40 million in 2021 and $50 million annually beginning in 2022.

Friday, October 19, 2018

In a Notes from Novogradac blog post, Michael J. Novogradac, discusses how the opportunity zones guidance issued today by Treasury provides answers to many questions and includes information that will help guide investors, fund managers and others.

Friday, October 19, 2018

The National Park Service (NPS) certified 1,035 completed historic rehabilitation projects and documented $6.5 billion in rehabilitation investment during fiscal year 2017, according to its annual report in conjunction with Rutgers University on the economic impact of the federal historic tax credit (HTC). The NPS report says the federal HTC helped create 106,900 jobs and $6.2 billion of gross domestic product in FY 2017.

Friday, October 19, 2018

The Treasury Department today released the first tranche of proposed guidance for the opportunity zones (OZ) incentive, addressing gains invested in qualified opportunity funds. Treasury also released a related revenue ruling. Treasury will accept comments for 60 days.

Friday, October 12, 2018

Ninety-eight percent of House of Representatives and U.S. Senate candidates who responded to a survey say they support the federal historic tax credit (HTC), according to Preservation Action, a national nonprofit advocacy organization.

Monday, October 8, 2018

An early release draft of the Internal Revenue Service’s (IRS’s) Form 3468 for the 2018 tax year indicates that the IRS will require taxpayers to claim the federal historic tax credit (HTC)–for projects not subject to transition rules made after tax reform–at a 4 percent rate per year over five years, beginning with the year it is placed in service.

Friday, September 21, 2018

The Advisory Council on Historic Preservation (ACHP) will hold its quarterly meeting Oct. 4, according to a document scheduled for publication Monday in the Federal Register. The meeting will begin at 8:30 a.m. in Room SR325 of the Russell Senate Office Building in Washington, D.C. The ACHP is an independent federal agency that advises the president and Congress on national historic preservation policy.

Monday, September 10, 2018

Rep. Kevin Brady, R-Texas, today highlighted the introduction of three bills that he said constitute the Tax Reform 2.0 package from Republicans on the House Ways and Means Committee. None of the bills contain provisions directly impacting affordable housing, community development or historic preservation programs. The legislation will lock in individual and small business tax cuts made in the legislation passed in December 2017, and reform savings- and education-related tax provisions.

Wednesday, August 8, 2018

The Illinois General Assembly Aug. 3 enrolled H.B. 5686 (Public Act 100-0695) to transfer the administration of the River Edge Redevelopment Zone and the state historic preservation tax credit pilot program from the State Historic Preservation Agency to the Department of Natural Resources.

 

Friday, July 27, 2018

Illinois Gov. Bruce Rauner signed legislation this week to expand the state’s River Edge historic tax credit (HTC) to the entire state. SB 3527 expands the 25 percent HTC–which was available to five cities previously–to the rest of the state, with a $15 million annual cap on a first-come, first-served basis. There is a $3 million project cap and the credit will sunset at the end of 2023.

Thursday, July 26, 2018

Delaware Gov. John Carney signed legislation increasing the state historic tax credit (HTC) cap for a single rehabilitation of an owner-occupied property from $20,000 to $30,000. SB212 applies to the 30 percent credit for property that is not eligible for the federal HTC.

Monday, July 9, 2018

Missouri Gov. Mike Parson signed into law S.B. 773 to reduce the annual aggregate cap of state historic tax credits (HTCs) from $140 million to $90 million for each fiscal year commencing with the effective date of the statute, Aug. 28, 2018. An additional $30 million in state HTCs above the $90 million cap may be authorized for projects in a qualified census tract.

Monday, July 9, 2018

Delaware Gov. John Carney signed legislation this month to increase the annual statewide cap on state historic tax credits (HTCs) to $8 million for fiscal years 2019-2024. The previous cap was $6.5 million. HB 475 also appropriated $6 million to the Affordable Rental Housing Program, which is intended to be used to leverage other sources, such as low-income housing tax credits.