Preserving our state’s history and culture is vital to growing the economy and attracting talent. This program incentivizes developers to maintain the integrity of our historic buildings, giving them new life.
For applicants that would like a third party CPA review on a particular project, please notify us at firstname.lastname@example.org. For a full listing of the requirements, please see Third Party CPA Requirements document.
Prior Rules and Guidelines
Historic Preservation Tax Credit Program: Regulation Updates Webinar
The webinar reviewed the new program guidelines and application, new rules and regulations filed with the Secretary of State, and scoring criteria.
Any taxpayer is eligible to participate in this program. Not-for-profit entities and government entities are ineligible. Any participation by not-for-profit entities, including but not limited to ownership interest, capital contributions, distribution of tax credits, incurrence or payment of rehabilitation expenses, lease to a tax-exempt entity, may result in the reduction of tax credits.
The $90M state-wide cap has been exhausted for FY20 (July 1, 2019 – June 30, 2020). Allocations for the $30M Qualified Census Tract (QCT) cap are in progress. Currently, there are applications in line in excess of $30M for QCT allocations; however, the potential may exist that cap space may be available if the projects in line do not gain all necessary approvals to move forward to an authorization. A Tier 1 preliminary application that has been received by the department, but has not been approved due to an exhaustion of the program cap, will be placed in line for review until there is sufficient program cap space due to a rescission of authorized tax credits for such state fiscal year in which the program cap has been exhausted or until the next state fiscal year with sufficient program cap space. Tier 2 and Tier 3 preliminary applications that have been received by the department, but have not been approved due to an exhaustion of the program cap, will not be further considered.
FY 20 Round 2 timeline:
Application Cycle Opens: March 15, 2020
Application Cycle Closes: March 30, 2020
Application Review Period: March 30, 2020 - April 30, 2020
Award Announcement: Prior to June 30, 2020
The provisions of both Preliminary Application and Guidelines and Final Application and Guidelines are effective for all incoming preliminary applications received by DED on or after the date the accompanying administrative rules, 4 CSR 85-5.010-.110, become effective – March 30, 2019.
Any application submitted to DED for consideration for the FY20 program cap will be subject to the new laws in effect on August 28, 2018. DED reserves the right to request additional applicant information necessary to conform with the new requirement and to evaluate that additional information prior to any authorization.