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Thursday, July 25, 2019

The House of Representatives today passed a two-year, $2.7 trillion discretionary budget agreement by a 284-149 vote. The agreement would also suspend the federal debt ceiling until July 31, 2021. The budget deal would give defense programs a 3 percent increase from $647 billion in fiscal year 2019 to $666.5 billion in fiscal year 2020 and nondefense programs a 4 percent increase from $597 billion in fiscal year 2019 to $621.5 billion in fiscal year 2020. The fiscal year 2021 spending caps would be $671.5 billion for defense and $626.5 billion for nondefense.

Wednesday, July 24, 2019

The sunset date for Rhode Island historic tax credits (HTCs) funded through the cultural arts and economic grant program was extended until the end of 2022 through legislation that became law Friday. S.B. 980 extends the expiration date for those credits from the end of 2019, although no credits can be reserved after June 30, 2020. The general state HTC for Rhode Island expires June 30, 2023.

Thursday, July 18, 2019

The Internal Revenue Service (IRS) will publish in Friday’s Federal Register its final regulations concerning the tax treatment of lessees of investment credit property following an election under Internal Revenue Code Section 50(d)(5).

Thursday, July 11, 2019

Hawaii Gov. David Ige this week signed legislation to create a state historic tax credit. S.B. 1394 creates a credit worth 30 percent of qualified rehabilitation expenses with a $1 million annual statewide cap. The credit is effective immediately and will sunset Dec. 31, 2024.

Wednesday, July 3, 2019

Delaware Gov. John Carney signed a spending bill this week that includes the authorization of $8 million in state historic tax credits (HTCs) for an additional year. S.B. 180 extends funding for the state HTC program through 2025. It previously was funded through 2024.

Tuesday, July 2, 2019

The National Park Service (NPS) will publish a notice Wednesday in the Federal Register seeking feedback on its Historic Preservation Certification Application, NPS Forms 10-168, 10-168a, 10-168b, 10-168c, 10-168d and 10-168e. The certifications are necessary for an applicant to receive historic tax credits under Section 47 of the Internal Revenue Code.

Wednesday, June 26, 2019

The Advisory Council on Historic Preservation (ACHP) will hold its quarterly meeting July 10 at 8:30 a.m. at the Smithsonian Castle Visitor Center in Washington, D.C. The ACHP is an independent federal agency that promotes the nation’s historic resources and advises the president and Congress on preservation policy.

Tuesday, June 11, 2019

Legislation that would extend and expand the North Carolina historic tax credit (HTC) passed the state House of Representatives and now is in the Senate. H.B. 399 would extend the sunset date from Jan. 1, 2020, to Jan. 1, 2032, although it would apply to expenses incurred after Jan. 1, 2024.

Friday, May 31, 2019

The California state Senate this week unanimously passed legislation to create a state historic tax credit (HTC). S.B. 451 would create a state HTC from 2021 through 2025 worth 20 percent of qualified rehabilitation expenses (QRE), with a 5 percent bonus for properties that meet certain criteria, including low-income housing.

Wednesday, May 22, 2019

The North Carolina Senate this week passed legislation that includes a provision to extend the sunset date for the state historic tax credit (HTC) to 2024. S.B. 622 would extend the sunset date for several provisions, including the state HTC, from Jan. 1, 2020, until Jan. 1, 2024. The Senate’s appropriations bill now must be reconciled with the House’s bill before being sent to Gov. Roy Cooper. Both bills include the HTC sunset extension.

Tuesday, May 21, 2019

Legislation in South Carolina went into effect this week to amend the state historic tax credit definition of rehabilitation expenses for textile mills. S. 440 defines “rehabilitation expenses” to include expenditures that include demolition, environmental remediation and site improvements at textile mill sites, but exclude the cost of acquiring the site or the cost of personal property on the site.

Monday, May 20, 2019

Reps. Earl Blumenauer, D-Ore., Darin LaHood, R-Ill., Terri Sewell, D-Ala., and Mike Kelly, R-Pa., introduced the Historic Tax Credit Growth and Opportunity Act (HTC-GO) Friday to bring more value to historic tax credit (HTC) transactions and to encourage redevelopment of smaller, income-producing properties. H.R.

Friday, May 17, 2019

Legislation in Georgia to allow taxpayers to take the state historic tax credit up to two years after placing a certified historic structure or home into service will be effective June 1. H. 224 was signed by Gov. Brian Kemp in early May. The state HTC was previously taken in the year in which the certified rehabilitation was completed. The state HTC is scheduled to expire Dec. 31, 2024.

Wednesday, May 8, 2019

Legislation to create a Hawaii state historic tax credit (HTC) passed both houses of the Legislature and is on the desk of Gov. David Ige. S.B. 1394 would create a credit worth 30 percent of qualified rehabilitation expenses. The credit would have an annual $1 million statewide cap and would begin July 1 and end Dec. 31, 2024. Ige has 45 days to sign or veto the bill. If he does neither, it becomes law.

Tuesday, April 23, 2019

Legislation in Nevada to create a state historic tax credit has been sent to the House Ways and Means Committee. A.B. 178 would create a transferable 20 percent state HTC for qualified rehabilitation expenses of at least $20,000 on historic buildings. The credit would jump to 25 percent for properties in certain state or federal rehabilitation programs and 30 percent for affordable housing.

Friday, April 12, 2019

Legislation was introduced this week in Pennsylvania to raise the annual cap for the state historic tax credit from $3 million to $30 million and extend the sunset date by more than a decade, from 2020 to 2031. S.B. 541 would also increase the project cap from $500,000 to $2.5 million and create a 5 percent bonus for workforce housing properties.

Wednesday, April 10, 2019

Maryland legislation that establishes the Opportunity Zone (OZ) Enhancement program and extends the state historic tax credit (HTC) program through 2024 has been sent to Gov. Larry Hogan for his signature. S.B. 581 would make qualifying businesses in OZs eligible for six state tax credit incentives.

Tuesday, April 9, 2019

The National Park Service will accept comments through the end of April on a proposed rule published in the National Register to revise regulations concerning the listing of properties on the National Register of Historic Places (NRHP).

Monday, April 8, 2019

The Treasury Department’s second-quarter update to the 2018-2019 Priority Guidance Plan includes plans to provide guidance for the low-income housing tax credit average-income test, the use of historic tax credit for disaster relief, regulations to clarify certain rules for the new markets tax credit and guidance on private-activity bonds for affordable housing.

Thursday, April 4, 2019

The Missouri Department of Economic Development issued emergency rules concerning the state historic tax credit, effective March 30 through Dec. 31, 2019.