State Tax Credits

New York State Assembly member Sam Hoyt and Senator David Valesky (Dem.) announced on July 17, 2009 that the New York State Legislature passed legislation (A.9023/S.6056) to create an expanded historic preservation tax credit program that will offer opportunities for economic development and job creation while utilizing existing infrastructure.

The Ohio Department of Development recently announced that it is accepting applications for the third round of its Historic Preservation Tax Credit program as of July 1.

Tax Credit Advisor, May 2009: Arkansas Gov. Mike Beebe has signed a bill (HB 1953) creating a state historic rehabilitation tax credit. Arkansas reportedly is the 30th state with a state historic tax credit.

The New York State Senate this week unanimously passed S2960, which strengthens the state’s historic rehabilitation tax credit program. The legislation will expand reinvestment in distressed New York communities and improve the program’s ability to implement cost saves strategies.

Proposed legislation to expand the New York state historic rehabilitation tax credit has passed the Finance Committee and will be sent to the full senate this week, where it is expected to pass.

The National Housing & Rehabilitation Association has made available the PowerPoint presentations displayed during the recent 2009 Spring Developers Forum: A Time of Opportunity, held May 11-12, 2009 at the Hyatt Regency Century Plaza in Los Angeles, California.

The New Jersey Assembly’s proposed Historic Property Reinvestment Act (A791) recently passed the Assembly’s Environment and Solid Waste Committee by a unanimous vote and is scheduled for hearings with the Appropriations Committee and Senate Wagering, Tourism & Historic Preservation Committee.

The Illinois State General Assembly has introduced Senate and House version bills (HB0586 and SB1366) that would create an Illinois state historic rehabilitation tax credit equal to 25% of the costs involved in rehabilitation of eligible historic properties.

Assembly member Sam Hoyt (D-Buffalo) and Senator David Valesky (D-Syracuse) have introduced A.6471-A/S.2960-A which provides a 20% NYS rehabilitation credit, with a cap of $5 million per project, for users of the federal rehabilitation credit on qualified commercial structures in New York State.

Based on additional feedback received, the California Tax Credit Allocation Committee has revised its proposed regulation changes for implementation of the American Recovery and Reinvestment Act (ARRA).

The California Tax Credit Allocation Committee recently made available its 2009 applications and supporting attachments for the 9% competitive tax credit program, the 4% tax exempt bond program combining federal and state tax credits, and the 4% tax exempt bond program.

The Iowa State Senate has approved Senate File 481, which provides a major expansion of the state’s historic preservation tax credit program.