States Offer Historic Tax Credits, Propose New Programs
By Caitlin Jones
2 min read
Tax Credit Advisor, March 2010:
Ohio Opens New Application Round for State Historic Tax Credits
The Ohio Department of Development is soliciting applications by March 31 for $24.2 million worth of state historic preservation tax credits in the program’s latest funding round. The program offers a state tax credit equal to 25% of qualified rehabilitation expenditures for an historic building, up to a project cap of $5 million.
(http://www.development.ohio.gov/UD/OHPTC)
Maryland Governor Proposes Expanded Tax Credit
Maryland Gov. Martin O’Malley has proposed an expansion of the state’s historic rehabilitation tax credit program to make more types of buildings eligible for state tax credits of 10% to 20%. The current Heritage Structure Rehabilitation Tax Credit program would be replaced by a new Sustainable Communities Tax Credit, a three-year $50 million program that would award tax credits for historic rehab projects, transit-oriented development, renovation of Main Street retail districts, and other eligible projects.
(http://www.governor.maryland.gov/pressreleases/100108d.asp)
New Jersey Lawmakers Propose State Historic Credit
State legislators in New Jersey have introduced bills (S. 659, A. 1851) to establish a state historic rehabilitation tax credit equal to 25% of qualified rehab costs. The program would be administered by the New Jersey State Historic Preservation Office.
(http://www.preservationnj.org/site/ExpEng/index.php?/PNJSite/hpi_act)
Minnesota Historic Credit Bills Introduced
State lawmakers in Minnesota have introduced bills (HF 2695, SF 2167) to establish a state historic rehabilitation tax credit. Equal to 20% of qualified rehab costs, it would be available for income-producing properties also claiming the federal historic tax credit.
(http://www.mnpreservation.org)
Iowa Governor Calls for Cuts, Changes to Credit Programs
Iowa Gov. Chet Culver’s FY 2011 budget proposes a 10% cut in expenditures for Iowa’s state tax credit programs and endorses legislative changes to them. A recent report ordered by the governor recommends sweeping changes to the state’s many tax credit/tax incentive programs, including to eliminate the transferability of the state’s historic tax credit and to impose a five-year sunset on it.
