Source: https://www.novoco.com/resource-centers/historic-tax-credits/state-htcs/state-htc-program-descriptions
Timestamp: 2019-04-24 18:32:41
Document Index: 613915966

Matched Legal Cases: ['art 1', 'art 2', 'art 3', 'art 3', '§253', '§253', '§253']

The links in the map above take users to the program descriptions below, which is maintained by Novogradac & Company. We will update this list as new information becomes available. If you would like to correct or update the information listed above please email [email protected].
Enacting Legislation H.B. 345 (Enacted May 24, 2019)
Application Part A: Evaluation of Program Eligibility; Part B: Description of Rehabilitation; Part C: Request for Certification of Completed Work; Instructions; Continuation Sheet; Eligibility Form; Amendment Form
The state tax credit application is a three-step process:
The AHC provides technical assistance on application procedures, appropriate rehabilitation work, and will visit properties as needed.
The AHC will recommend qualifying projects to the Historic Tax Credit Evaluating Committee who will rank projects in the order they are to receive tax credit reservations.
Applicants must report progress of the project at 18 months and 36 months of receiving the reservation, and the project must be complete within 60 months.
At the end of a project, owners submit a final application providing information on the completed project. If work complies with the Standards and all other requirements are met, the AHC issues a Tax Credit Certificate.
$20 million in tax credits are available each tax year from 2018 to 2022.
No more than $100 million in total credits before Dec. 31, 2022.
For the first six months of each calendar year, 40% of the $20 million will be set aside for projects located in counties with less than 175,000 population. After six months, any of those funds remaining will be available for any project.
$50,000 for residential homes.
25 percent refundable tax credit available for private homeowners and owners of commercial properties who substantially rehabilitate historic properties that are listed in or eligible for the National Register of Historic Places and are 60 years old or older.
60 years or are historic building in national monument or national park.
40 percent of credits reserved for counties with 175,000 or fewer people.
How to Claim the Credit Credits are issued once a project is complete and the Part C application has been approved.
Owners claim the tax credit in the tax year in which the building is placed in service. The credit is transferable only one time. Any unused portion of the tax credit is refundable.
Eligible costs must exceed 50 percent of the owner’s original purchase price or $25,000, whichever is greater.
Those receiving a reservation have up to 5 years to complete the project and take the tax credit.
Enacting Legislation H.B. 1953 (Enacted March 13, 2009); H.B. 1493 (Enacted March 14, 2019)
Amending Legislation S. 570 (Enacted March 24, 2015), S.B. 253 (Enacted March 7, 2019)
Enacting Legislation H.B. 14-1311 (Enacted May 14, 2014)
Amending Legislation H.B. 08-1033 (Enacted June 5, 2008) ; H.B. 15-1307 (Enacted May 22, 2015); HB-1190 (Enacted May 30, 2018)
Colorado 8 CCR 1504-10: Income Tax Credit for Qualified Costs Incurred in Preservation of Qualified Residential Structures (March 17, 2019)
Related Statutes IT 18-0001-PLR - River Edge Redevelopment Zone credit may not be transferred
Related Statutes LAC: 61:I.1917; Revised Statutes of Louisiana 47-6019
Application Process Application Procedure. 1. Initial Determination of Eligibility by the SHPO a. The SHPO determines whether the structure, before and after the work is performed, qualifies as contributing to the historical significance of the district. Specifically, the SHPO determines whether work was performed on an eligible structure and whether such work performed was SOI-compliant. A project is determined to be a certified rehabilitation if the building itself meets eligibility requirements and the work is SOI-compliant. b. The SHPO makes a determination as to whether a project is determined to be a certified rehabilitation through a three-part application process administered by an architectural historian. i. In Part 1, the SHPO certifies whether the structure is eligible for the Program. ii. In Part 2, the SHPO certifies whether the work, as proposed by the applicant, is SOI-compliant. iii. In Part 3, the SHPO confirms that the actual work performed by the applicant was indeed SOI-compliant. c. If the project is determined by SHPO to be a certified rehabilitation, the SHPO shall provide to the applicant, with copies to the Department, an approved “Part 3-Request for Certification of Completed Work”, and an executed Section 1 of Form R-6121B.
Credit Description 25 percent of the eligible costs and expenses of the rehabilitation incurred prior to Jan. 1, 2018, and 20 percent of the eligible costs and expenses of the rehabilitation incurred on or after Jan. 1, 2018.
Related Statutes Amended Mo. Rev. Stat. §253.545; Amended Mo. Rev. Stat. §253.550; Amended Mo. Rev. Stat. §253.559
Related Statutes Montana Code Section 15-31-151
Application To receive an application, contact Jennifer Bailey at (405) 522-4479 or email her at [email protected].
Amending Legislation H.B. 2705; H.B. 531 (S.B. 444); S.B. 68, Amended Regulations
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