Kentucky Historic Credit Is Modified
By Caitlin Jones
1 min read
Tax Credit Advisor, September 2009: Kentucky Gov. Steve Beshear in July signed a bill (H.B. 3) that amends the state’s historic preservation tax credit program.
The key change increases the $3 million cap on the amount of historic credits that can be approved annually in the state. The cap remains $3 million for applications received before 4/30/10, but rises to $5 million thereafter.
The law also permits taxpayers in certain situations to make an election to receive a refund instead of claiming the tax credit, including taxpayers who receive the credit as the result of a transfer.
Commercial rehab projects qualify for a 20% historic credit in Kentucky, subject to a credit cap of $400,000.
