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Connecticut Bill Would Expand State HTC to Include Certain Residential Properties
Legislation introduced today in the Connecticut House of Representatives would expand eligibility for the state historic rehabilitation tax credit (HTC) to include housing properties with two to four apartments with qualified rehabilitation expenditures (QREs) of more than $15,000. H.B. 05508 would also set aside $5 million for those properties. Additionally, the bill would incentivize HTC investment in opportunity zones (OZs) by establishing that the credit would cover 35% of QREs for historic structures located in a federally designated OZ. Currently, Connecticut offers an HTC that covers 25% of QREs.
The Novogradac Introduction to Historic Tax Credits booklet features the most updated guidance for the HTC incentive, including sections on the HTC’s history and development.
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