Over 30 states have established state historic tax credits to provide additional financial incentives for the rehabilitation of historic properties. Most of the state programs are based on the federal historic rehabilitation tax credit program, although application processes, award amounts, and award procedures vary by state.
State historic tax credits can be used in conjunction with the federal credits for income-producing properties. Although MHA focuses on income-producing historic rehabilitations, many state programs also offer historic tax credits for rehabilitation of owner-occupied residential properties.
State historic tax credit programs
State historic Tax Credit News
Preservation Pennsylvania recently released a new economic study titled “The Missing Key, A Study of the Impact and Potential of the PA HPTC” to champion the state’s historic tax credit program ahead of its sunset date in June of 2020.
The National Park Service and Rutgers University have released the Annual Report on the Economic Impact of Historic Tax Credits for FY 2017. Once again, the findings show the strength of the federal historic tax credit program in stimulating investment and communities and job creation.
News from Missouri, Michigan, Illinois, and Wisconsin.
Bill 977 filed in the Oklahoma Senate proposes a two-year moratorium on most of their state tax credit programs, including the state historic tax credit.
To some people, abandoned mills and other abandoned buildings can be a bit spooky. But to some real estate developers they can mean opportunity, particularly in states with tax incentive programs.
I’m attending the ULI Fall Meeting in San Francisco, and it’s a fantastic conference with heavy emphasis on future tech and demographic trends; their likely impact on cities, development and land use.
Good news came in the last few weeks from the North Carolina legislature! A revised tax credit program combining the HTC and Mill Tax Credit programs was included in the budget bill recently passed by the legislature and signed by Governor McCrory.
State tax credit programs come in many shapes and sizes, but one commonality is the economic impact they have of bringing investment to historic cities throughout a state.
Here is a review of what these changes mean for historic building development in Georgia starting January 1, 2016.
Developed by our client, Baltimore-based Wexford Science and Technology, the $105 million project will create 350 new high-paying jobs in the heart of Winston-Salem.