State Tax Credits

The Missouri State Senate recently approved a measure (SB 120) to amend the state’s Historic Preservation Tax Credit (HPTC) program.

The Georgia General Assembly recently introduced the Georgia Prosperity Through Preservation Act (HB 308), which relates to modifying the state’s Historic Rehabilitation Tax Credit program.

The District of Columbia Historic Preservation Office (HPO) recently announced the publication of a study entitled “Leveraging Federal Economic Development Resources with State Historic Rehab Tax Credits”.

Indiana State Senators Randall Head (R-District 18) and John Broden (D-District 10) recently introduced and co-sponsored the Indiana New Markets Job Act, (SB 521), which would create a state New Markets Tax Credit (NMTC) program similar to the federal NMTC.

New York Governor Andrew M. Cuomo in the 2013-2014 state executive budget and management plan proposed a five year extension to the state’s Historic Commercial Properties Rehabilitation tax credit program. The extension would provide assurance to developers who are rehabilitating historic commercial property, or are considering doing so, by extending the existing $5 million per project tax credit and would make the credit refundable beginning in tax year 2015.

The Alaska Industrial Development and Export Authority is seeking comments on its proposed regulations to establish its New Markets Tax Credit Assistance Guarantee and Loan Program.

Missouri State Senator Will Krause (R-Jefferson City) recently introduced SB 163, which reauthorizes certain tax credits, prohibits further authorization of certain tax credits, and modifies state historic preservation tax credit (HPTC) and low-income housing tax credits (LIHTCs).

Nebraska State Senator Jeremy Nordquist recently introduced the Nebraska Job Creation and Mainstreet Revitalization Act (LB 191), which would create a state historic rehabilitation tax credit for historic, income-producing properties in Nebraska.

The Georgia Department of Community Affairs (DCA) has released a final version of its 2013 Qualified Allocation Plan for the allocation of federal and state Low-Income Housing Tax Credits as well as HOME funds.

The Ohio Senate recently passed Senate Bill (SB) 327, which was originally introduced in April 2012. The bill would extend the state’s New Markets Tax Credit program and raise the tax credit cap from $10 million to $50 million.

Due to Hurricane Sandy, New York State’s Home & Community Renewal (HCR) has announced that it will extend its deadline for Unified Funding applications from November 29, 2012 to January 8, 2013.

The National Housing & Rehabilitation Association (NH&RA) has announced five winners and ten finalists across ten competitive categories for this year’s J. Timothy Anderson Awards for Excellence in Historic Rehabilitation. The “Timmy Awards” will be presented at an awards luncheon and ceremony on Tuesday, October 30 at the Langham Hotel in Boston, Massachusetts, held in conjunction with the association’s Annual Fall Developers Forum. The winners and finalists represent fourteen different communities in ten states””Connecticut, Kansas, Kentucky, Louisiana, Massachusetts, Missouri, Oklahoma, Pennsylvania, Tennessee, Virginia””as well as the District of Columbia.