The Texas Legislature this week approved H.B. 500, a measure which would create a tax credit for certified rehabilitation of certified historic structures. The Texas state historic tax credit would allow a credit of up to 25 percent of eligible expenses incurred in the rehabilitation of any certified historic structures such as a building on the National Register of Historic Places, any property that is designated as a Recorded Texas Historic Landmark, or any property that contributes to the historic significance of a federal or local historic district. The tax credit is eligible to be applied towards the state franchise tax and entities are eligible to carry the unused credit forward for no more than five consecutive years. H.B. 500 has been sent to Governor Rick Perry for his signature and if approved would become effective January 1, 2015.