Indiana’s House of Representatives recently approved and sent the Senate a bill to revise the state’s historic tax credit program, which currently provides a credit equal to 20% of qualified rehab expenses. HB 1111 would limit the credit to the preservation or rehab of buildings vacant for at least one year; establish three new methodologies for determining the credit amount for a project; increase the annual cap for awarded state historic tax credits to $2 million; limit any single credit award to 20% of the annual state cap; and end the required reduction of the eligible basis for the historic credit when federal low-income housing tax credits are also received.
To read HB 1111, click here.
