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 July 1.
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.
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