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Thursday, March 21, 2019

A bipartisan group of 34 state representatives introduced legislation in the North Carolina House of Representatives to extend and expand the state historic tax credit (HTC). H.B. 399 would extend the HTC sunset date from Jan. 1, 2020, to Jan. 1, 2030, and would increase the maximum amount of qualified rehabilitation expenses eligible for the 15 percent and 10 percent state HTC.

Monday, March 18, 2019

Legislation in the Maryland state Senate to provide a 5 percent bonus for state historic tax credit (HTC) properties in opportunity zones (OZs) advanced from the Budget and Taxation Committee. S.B. 656 is a companion bill to legislation introduced in the House of Representatives. The legislation would expand projects eligible for the 5 percent increase to include OZs.

Monday, March 18, 2019

The Advisory Council on Historic Preservation will hold its quarterly business meeting April 4 at 8:30 a.m. in the Russell Senate Office Building in Washington, D.C. The agenda includes the transition to a full-time ACHP chair and issues concerning Section 106 of the National Historic Preservation Act. Meetings are open to the public.

Monday, March 18, 2019

The Maryland Department of Planning and Development adopted changes to regulations for the state historic tax credit, conforming the regulations to H.B. 1454, passed in 2018. The legislation authorized an additional 5 percent credit on top of the existing 20 percent credit for HTC developments that result in a property that receives an allocation of federal low-income housing tax credits.

Thursday, March 14, 2019

Legislation introduced in the Vermont Legislature would make investments made in opportunity zones eligible to apply annually for the state Downtown and Village Center Tax Credit, which is twice as often as other projects are allowed to apply. H 442 would expand eligibility under the program only for OZ investments.

Monday, March 11, 2019

The National Park Service issued 1,013 certifications of completed work in fiscal year 2018 (FY 2018), according to “Federal Tax Incentives for Rehabilitating Historic Buildings,” its annual report released Monday. The NPS report said the agency tracked more than $6.9 billion in private investment in historic preservation and community renewal in FY 2018, including 12,527 new housing units and 6,994 rehabilitated housing units.

Thursday, March 7, 2019

Legislation to create a California state historic tax credit (HTC) was introduced in the state Senate. SB 451 would create a 20 percent state HTC for historic rehabilitation, with a statewide cap of $50 million per year–$10 million of which would be set aside for developments with qualified rehabilitation expenditures (QREs) of less than $1 million.

Tuesday, March 5, 2019

The Illinois Department of Revenue has released a decision that its River Edge Historic Preservation Tax Credit can’t be transferred, but that a taxpayer can file an amended state tax return to claim the credit within three years of the extended due date of the original return.

Tuesday, February 26, 2019

New regulations concerning the review process for qualified residential structures under the Colorado state historic tax credit (HTC) will become effective March 17. The regulations were adopted to ensure that taxpayers receive prompt and consistent reviews of proposed and completed rehabilitation work and that tax credit certificate reporting is timely and complete. The regulations provide the review process for the state historic preservation officer, State Historical Society of Colorado and certified local governments as reviewing entities. The Colorado HTC is available through 2029.

Wednesday, February 20, 2019

Virginia Gov. Ralph Northam signed legislation to reinstate a $5 million annual taxpayer cap on the state historic tax credit, effective July 1. HB 2705 passed the House by a 94-2 vote and the Senate by a 25-15 margin. A $5 million cap was in effect for 2017 and 2018, but expired Jan. 1.

Monday, February 18, 2019

Legislation introduced in Connecticut would provide an exemption for buildings in opportunity zones (OZs) and in distressed municipalities from compliance with certain historic preservation requirements. HB6552 would exempt individuals who wish to alter a historic building in an OZ from the full process in the state code for historic renovation. It would also exempt distressed cities that have been unable to alter a historic building for five years or more.

Thursday, February 14, 2019

Legislation was introduced in both houses of the Tennessee Legislature to create a state historic tax credit (HTC). HB 1063 (and SB 1053) would create an HTC worth 10 percent of qualified rehabilitation expenditures for properties in Davidson or Williamson counties; 20 percent for structures in Hamilton, Knox or Shelby counties; and 30 percent for all other certified historic structures.

Friday, January 25, 2019

President Donald Trump today announced a short-term funding agreement to end the partial federal government shutdown after 35 days. The agreement will allow the U.S. Department of Housing and Urban Development to fund expired and expiring housing contracts and will allow the Community Development Financial Institutions (CDFI) Fund to resume movement toward the announcement of new markets tax credit allocations. The legislative measure will fund the government through Feb. 15 and Trump said border security negotiations will continue during the interim.

Thursday, January 24, 2019

Legislation was introduced in Hawaii today by five state senators to create a state historic tax credit worth 25 percent of qualified rehabilitation expenses, with a 30 percent credit for properties that include a minimum amount of affordable housing. SB 1394 would include the 30 percent credit if 20 percent of housing units are affordable rental units or 10 percent are affordable homeownership units. The credit would begin in 2020.

Thursday, January 24, 2019

Five Michigan state senators introduced legislation this week to reinstate a state historic tax credit. SB 54 would create a credit for 25 percent of qualified rehabilitation expenses. The credit would be effective Jan. 1. The nonrefundable credit could be carried forward up to 10 years. Michigan passed a state HTC in 1999, but it was zeroed out in 2011 and has not been funded since.

Thursday, January 17, 2019

Legislation was introduced in the Virginia legislature this week to permanently extend the state’s $5 million-per-taxpayer cap on its historic tax credit. The cap was in effect for 2017 and 2018, but expired Jan. 1. HB 2705 would extend that cap permanently. The Virginia credit is for 25 percent of eligible expenses.

Wednesday, January 16, 2019

Sens. John Hoeven, R-N.D., and Ron Wyden, D-Ore., today introduced the Move America Act of 2019, legislation that would expand tax-exempt private activity bonds and create a federal infrastructure tax credit to fund infrastructure projects through public-private partnerships. The legislation would allow states to issue tax-exempt bonds in partnership with private entities, with each state receiving a bond allocation based on population size.

Monday, January 7, 2019

Rep. Dwight Evans, D-Pa., introduced a bill to allow rehabilitation expenses on older public school buildings to qualify for the federal historic tax credit (HTC). H.R. 158 would remove the prior-use restriction from the HTC that makes it impossible for local governments to collaborate with private developers on school renovations.  Similar legislation was proposed in 2012.

Friday, December 14, 2018

The Internal Revenue Service (IRS) yesterday released proposed regulations on the base erosion and anti-abuse tax (BEAT). The BEAT is an alternative tax applicable to large corporations with significant multinational operations, and in some cases could limit the ability of tax credit investors to utilize their tax credits to reduce their BEAT liability.

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.