On May 16, Missouri passed HB 2062 modifying the state’s existing Historic Tax Credit (HTC) program. The bill alters the program in several significant ways. The program will now feature a year-round application cycle,...more
The Virginia Historic Rehabilitation Tax Credit (HRTC) program (see Virginia Code § 58.1-339.2) has played a significant role in stimulating Virginia’s economy and preserving thousands of historic properties throughout the...more
Real estate developers have long had ample reasons to take on projects involving historic buildings, courtesy of Section 47 of the Internal Revenue Code of 1986. As amended, Section 47 (the “Code”) provides for a...more
The Quapaw Quarter Association (“QQA”) announced in its April 6th newsletter that Senate Bills 461 and 462 have passed both the Arkansas House of Representatives and Arkansas Senate. Both bills address the Arkansas...more
What You Need To Know •The Historic Property Reinvestment Program will provide incentive funding for the rehabilitation and preservation of eligible historic properties throughout New Jersey. •Awards under the program...more
Ohio historic preservation and economic development projects may soon receive a large temporary boost from the Ohio General Assembly. Recently passed by the Ohio Senate and now under consideration in the Ohio House, Ohio...more
The 93rd Arkansas General Assembly convened for regular session on January 11th and is expected to adjourn in the next few days. House Bill 1555 (“HB 1555”), which would increase the cap for the Arkansas Historic Tax...more
On March 31, 2021, President Joe Biden announced the American Jobs Plan (the Plan). The Plan proposes approximately $2 trillion in government funding over the next decade focused on infrastructure, the electric grid,...more
In 2017 the Texas Legislature passed House Bill 1003, which made the Texas Historic Preservation Tax Credit available to state university systems and other state institutions of higher education. Following this change,...more
The 93rd Arkansas General Assembly convened for regular session on January 11th. House Bill 1555 (HB1555) has been filed which would increase the cap for the Arkansas Historic Tax Credit from $4 million to $10 million...more
Governor Hutchinson signed House Bill 1493 which amends the Arkansas Historic Rehabilitation income tax credit. The bill reduces the investment threshold necessary for homeowners to qualify for the Arkansas Historic...more
Texas insurers may now be able to buy premium tax credits at a discount. In 2013, the 83rd Legislature established the Texas Historic Preservation Tax Credit Program, which allowed for companies engaged in restoration of...more
Proposed Landmark Rules Could Make LA Redevelopment More Difficult - Los Angeles City Council Member Jose Huizar has proposed a new set of rules that could make it more difficult for owners of historic properties in Los...more
Following Historic Boardwalk Hall LLC v. Commissioner, 694 F.3d 425 (3d Cir. 2012), which rejected a partnership's allocation of rehabilitation tax credits to a purported partner, the Internal Revenue Service (IRS) recently...more
The Alabama Historical Commission has issued emergency regulations to implement the state’s new historic structures rehabilitation tax credit. Emergency Rules 460-x-23-.01ER through 460-x-23-.13ER took effect September 1,...more