State Tax Credits

Join NH&RA May 21-22 for our 2012 Spring Developers Forum at the Ritz-Carlton Marina del Rey in California. Register by this Friday, April 27 to save up to $100 off your conference registration fee!

The Pew Center on the States recently released a report entitled “Evidence Counts: Evaluating State Tax Incentives for Jobs and Growth” that found that while every state offers tax incentives to attract, retain, and expand businesses and jobs, no state ensures that policy makers rely on good evidence about whether these investments deliver a strong return.

Florida Governor Rick Scott recently signed H.B. 7087 into law which increases the amount of credits available under the state’s New Markets Development Program (NMDP).

Two pieces of affordable housing legislation, S.4758C and S.6480, were recently introduced by Senator Catharine Young in the New York State Senate.

NH&RA is pleased to offer the PowerPoint Presentations from our recent 2011 Annual Meeting & New Markets Tax Credit Symposium, which was held February 22-26 at the Breakers Resort in Palm Beach, Fla. In addition, we have included additional conference materials, relevant articles, reports, memos, etc. under the relevant session titles.

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.

On February 1, the Indiana State Senate adopted Senate Bill 344, which requires county assessors to include the value of the federal low-income housing tax credit (LIHTC) in the assessed value of tax credit properties.

Nebraska State Senator Abbie Cornett (R-District 45) recently introduced the Historic Property Restoration and Reuse Act, L.B. 888, which aims to provide a 25 percent tax credit for for-profit developers and a 30 percent tax credit for nonprofit developers that choose to rehabilitate or restore federal, state, or locally designated historic properties.

Last week, the Hawaii State Legislature introduced two bills that would expand methods for delivering funding to a community development entity (CDE) by allowing guarantees and credit enhancements.

The Massachusetts Department of Housing & Community Development (DHCD) has released the draft version of its 2012 Qualified Allocation Plan (QAP). DHCD anticipates total available funding of $14,662,185 for 2012.

The New York State Division of Housing & Community Renewal has released its Executive Budget for 2012-2013. The Executive Budget recommends $291.7 million for the DHCR, a $22.35 million decrease from the 2011-12 Budget.

Indiana State Senator Brandt Hershman (R) has introduced Senate Bill 344, which would repeal of the prohibition against using the value of federal income tax credits awarded under Section 42 for the purpose of determining assessed value.