From Preservation Action:
Last month the Indiana legislature passed legislation that establishes a new state historic tax credit program. Provisions establishing the program were included as part of larger budget package that was signed into law by Gov. Eric Holcomb. The bill institutes a 25% tax credit toward qualified rehabilitation expenses, with an additional 5% available for non-profit buildings or those that are not income producing.
Indiana's previous historic tax credit program was capped at just $450,000, making it the smallest in the country, and was eliminated in 2016. Lawmakers instead replaced the program with a $700,000 annual grant program. The new program is capped at $10 million annually and runs until 2030. The credit can be taken starting on June. 30th.
This is great news for Indiana. Congratulations to all of the advocates that helped get this across the finish line and to organizations like Indiana Landmarks and AIA Indiana for helping to lead the charge.
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