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.
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.
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.
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.
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.
A series of new provisions for the Alabama state historic tax credit will become effective July 14. The new provisions include a requirement that any nonprofit receiving a credit must file a state tax return for the year the project is placed in service, any tax credit transferred must be valued at 85 percent or greater of the present value and the recipient of a tax credit certificate must forward a copy of the certificate to the Alabama Department of Revenue within 30 days of the date of issuance.
Legislation to eliminate the existing basis adjustment requirement for historic tax credit (HTC) properties was introduced yesterday by Sens. Bill Cassidy, R-La., Ben Cardin, D-Md., Susan Collins, R-Maine, and Reps. Darin LaHood, R-Ill., and Earl Blumenauer, D-Ore. A press release from Sen.
Several Massachusetts tax credit programs, including the low-income housing tax credit (LIHTC) and the historic tax credit (HTC), were expanded and extended effective May 31. H 4536 extended the state LIHTC through 2025 with $5 million per year added for properties that improve existing state or federally assisted housing, along with a five-year housing bond issue.
The Colorado state historic tax credit (HTC) was extended through 2029 and the amount of the credit was increased for structures in disaster areas or rural communities after the Job Creation and Main Street Revitalization Act became effective Wednesday.
Missouri enacted S.B. 590 Friday to reduce the annual state historic tax credit (HTC) program cap from $140 million to $90 million, with the possibility of an additional $30 million in tax credits for developments in qualified census tracts. The bill is effective Aug. 28.
The Internal Revenue Service (IRS) and Treasury Department today published Notice 2018-43 to invite public recommendations on what should be included in the 2018-2019 priority guidance plan. The 2018-2019 priority guidance plan will identify which guidance projects that Treasury and the IRS will prioritize from July 1, 2018, to June 30, 2019. The deadline to submit recommendations for possible inclusion in the original 2018-2019 priority guidance plan is June 15.
Gov. Scott Walker signed Senate Bill 668 last week to raise the cap for the Wisconsin state historic tax credit (HTC) from $500,000 to $3.5 million for all projects undertaken on the same parcel, effective July 1. Wisconsin’s state credit had no cap until last fall, when state budget legislation proposed a $5 million project cap. Walker used a line-item veto to reduce the cap to $500,000.
The Treasury Department today designated qualified opportunity zones (OZs) in 15 states and three territories, the first such designations made after the creation of the areas by H.R. 1.
The final New York state fiscal year 2019 budget legislation includes a five-year extension for the state historic tax credit (HTC) and rejects Gov. Andrew Cuomo’s proposal to limit tax credit claims to $2 million per year and defer the ability of taxpayers to claim the balance until 2021.
Illinois state Rep. Michael Halpin introduced legislation to create a state historic tax credit (HTC), effective Jan. 1, 2019 through Dec. 31, 2029. The Bicentennial Mississippi River Region Redevelopment Historic Tax Credit would be for 25 percent of qualified rehabilitation expenses and would apply to properties in 34 of the state’s 102 counties. The aggregate limit per county would be $30 million for three of the counties and $15 million for the other 31.
The National Park Service (NPS) issued 1,501 preliminary certifications of rehabilitation with nearly $9.1 billion in rehabilitation costs under the federal Historic Tax Credit (HTC) program in fiscal year 2017 (FY17), according to the annual report released today by the National Park Service (NPS).
President Donald Trump’s proposed $4.4 trillion fiscal year 2019 (FY 2019) budget would cut by 18 percent U.S. Department of Housing and Urban Development (HUD) programs and would eliminate the HOME Investment Partnerships program, Community Development Block Grant program and Public Housing Capital Fund. Funding for HUD would be $6.8 billion less than annualized funding levels as per the continuing resolution for FY 2018 under the proposed FY 2019 budget.
President Trump today ended a brief government shutdown by signing the Bipartisan Budget Act of 2018, a two-year, $300 billion increase to the defense and nondefense spending caps for fiscal years 2018 and 2019.
The Department of Treasury today released a second-quarter update to its 2017-2018 Priority Guidance Plan. Guidance for Opportunity Zones created under the new tax law was added in this update.
The Maryland Department of Planning has adopted amended regulations for its state historic tax credit, effective Feb. 12. The amendments clarify that qualified rehabilitation expenditures are the amount undertaken after approval of a rehabilitation plan. The regulations clarify that procedures for application for and review of certification of eligibility of the structure apply to amendments to the application as well as the original application.
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