Historic Preservation

ICAST’s IRA & BIL Instant Benefit Estimate Calculator is now available on NH&RA’s website under the Resources section.

A bill in the Arkansas House of Representatives (H.B. 1555) would increase the State Historic Tax Credit (HTC) from $4 million to $10 million and extend the sunset date from December 31, 2027, to December 31, 2037.

The Massachusetts Historical Commission announced that round 27 of the Massachusetts Preservation Projects Fund (MPPF) grant program has been scheduled. It is anticipated that funding will be in the range of the previous grant round, which was $800,000. Applications are due March 19, 2021.

Join MacRostie Historic Advisors (MHA) at 1:30 p.m. ET on November 17 for a webinar on functionally-related historic multiple building complexes, which face special requirements for rehabilitation.

MacRostie Historic Advisors LLC (MHA) recently acquired the Historic Tax Credit practice of Maine-based Sutherland Conservation & Consulting (SCC).

The Internal Revenue Service (IRS) issued final regulations on the five-year period over which the Federal Historic Tax Credit (HTC) may be claimed, along with other special rules for investment credit property.

The Internal Revenue Service (IRS) issued final regulations providing additional guidance on the base erosion and anti-abuse tax (BEAT). The final regulations provide detailed guidance regarding how to compute certain BEAT calculations for groups of related taxpayers.

The Tax Cut and Jobs Act of 2017 made significant changes to the Historic Tax Credit, turning it from a one-year credit with a five-year compliance period to a five-year credit taken ratably. Transition rules were set in place that permitted some projects currently underway to be grandfathered in under the former one-year credit. That grandfathering rule had an end date in June 2020. Now, in light of the COVID-19 pandemic, the IRS has provided an extension of the grandfathering rule, into 2021.

Since its inception in 2000, the National Trust Community Investment Corporation (NTCIC) has invested over $1.6 billion in 190 catalytic tax credit investments across 35 states. These efforts have rehabilitated over nine million square feet of historic buildings, created 5,850 units of housing, created or sustained over 30,000 jobs, provided education, healthcare or other services […]

IRS recently published Notice 2020-58 which extends the measuring period used in satisfying the substantial rehabilitation (sub rehab) test requirement for historic tax credits. Projects with a 24- or 60-month measuring period ending on or after April 1, 2020, and before March 31, 2021, now have until March 31, 2021 to incur sufficient qualified rehabilitation expenditures to satisfy the sub rehab test.

The House Democrats’ recently released infrastructure bill, Moving Forward Act (H.R. 2), includes a myriad of housing provisions. A vote on the legislation is expected before the Fourth of July recess. While the bill is likely to pass the Democrat-led House, it will face greater resistance in the GOP-led Senate. The bill does not include any pay-fors and Republicans are already panning the bill as dead-on-arrival. However, the bill may set an important marker for future infrastructure negotiations. The Trump administration is reportedly drafting a $1 trillion infrastructure package aimed at spurring the economy.

The National Trust for Historic Preservation and Historic Tax Credit (HTC) Coalition developed a one pager outlining recommendations to improve and bolster the HTC in a future stimulus package.

In its capacity as Responsible Entity for Part 58 Environmental Review responsibility, Minnesota Housing has developed a Programmatic Agreement with the State Historic Preservation Office to exempt certain activities from State Historic Preservation Office review.