Bills to Enhance Arkansas' Historic Tax Credit Pass State Legislature
Contributed By: Preservation Action
From Preservation Action:
Last week, two bills to enhance and extend the Arkansas Historic Tax Credit program passed the state House and Senate. SB461 increases the overall credit from 25% of qualified rehabilitation expenses to at least 30% and creates a tiered system to incentivize investments in smaller communities. Projects in cities with fewer than 10,000 residents will receive a 40% credit, cities with a population between 10,000 and 50,000 will receive a 35% credit, and cities with more than 50,000 people will receive a 30% credit. Meanwhile, SB462 extends the application period for Arkansas' major historic rehabilitation tax credit from June 30, 20225 to June 30, 2030.
Both of these bills passed both the state House and Senate with either unanimous support or near unanimous and now head to Gov. Sarah Huckabee Sanders' desk for her signature. Legislation was also introduced, SB460, that would increase the HTC program's annual cap from $8 million to $15 million. That legislation is still pending.
Congratulations to our partners at Preserve Arkansas and the Quapaw Quarter Association on their advocacy efforts!
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