From Preservation Action:
Across the country state legislatures are getting underway, including several that are considering bills that would establish new or expand existing state historic tax credit programs.
In Illinois, legislation (S.B 2880) was recently introduced to increase the cap on their historic tax credit from $15 million to $75 million. If enacted the cap would increase to $25 million in 2024 then to $75 million from 2025-2028. Illinois currently provides a 25% state historic tax credit toward qualified rehabilitation expenses.
Legislation (SB 2391) recently introduced in New Jersey would create a homeowner historic tax credit for 25% toward qualified rehabilitation expenses. The program would have a per project cap of $25,000 and a statewide cap of $15 million. New Jersey currently has a historic tax credit for income producing properties.
What legislation is being considered in your state that impacts historic preservation? Let us know by emailing firstname.lastname@example.org.
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