State Tax Credits

The Missouri House of Representatives approved an economic development bill that includes tax credits towards a China trade hub at Lambert-St. Louis International Airport, a corporate income tax reduction from 6.25 percent to 5.5 percent starting in January 2012, and changes to the historic and low-incoming housing tax programs.

On August 5, 2011, Oregon Governor John Kitzhaber signed into law the Oregon Low Income Community Jobs Initiative, which created a matching state tax credit to the federal New Markets Tax Credit (NMTC).

The New York State Homes & Community Renewal (HCR) agency announced 35 award recipients for the State’s competitive Unified Funding (UF) awards program that leverages $78 million in low-interest loans and tax credits to build and preserve over 2,200 units of affordable housing. This unique State program combines the funding rounds of three major development programs that aim to increase the availability of quality affordable housing.

Missouri’s state legislature recently advanced a bill that modifies provisions of existing tax credit programs in a manner consistent with the recommendations of the Tax Credit Review Commission and establishes new tax incentive programs.

Connecticut’s General Assembly expanded two of the state’s historic rehabilitation tax credits, the Historic Structures Rehabilitation Tax Credit and the Historic Preservation Tax Credit.

NH&RA is pleased to offer .PDF versions of the PowerPoint slides presented at the 2011 Summer Institute & New Markets Tax Credit Symposium.

Leaders of the Missouri State House and Senate reached an agreement this week concerning a $1.5 billion economic development and tax credit reform package and Governor Jay Nixon said he will call the legislature back for a special session later this year to consider the package.

Leaders of the Missouri State House and Senate reached an agreement this week concerning a $1.5 billion economic development and tax credit reform package and Governor Jay Nixon said he will call the legislature back for a special session later this year to consider the package.

Louisiana Governor Bobby Jindal signed into law HB 348, which extends and improves the residential historic rehabilitation tax credit, and the companion SB 63, which extends the commercial historic rehabilitation tax credit.

Oregon’s state legislature recently passed a bill (SB 817) that creates a matching state tax credit to the federal New Markets Tax Credit to further “incentivize” economic development targeted to hard-hit areas.

Rhode Island lawmakers are considering a bill (H 6098) that would reinstate the state’s historic preservation tax credit, after it was eliminated in 2008.

The Oregon Legislature has introduce a measure, HB 2527, that would extend the extend the sunset on the Oregon Affordable Housing Tax Credit.