On June 14, 2013, Texas Governor Rick Perry signed House Bill 500 (H.B. 500) into law. H.B. 500 provides a Historic Tax Credit (HTC) for the certified rehabilitation of certified historic structures. The HTC for franchise tax purposes is effective on January 1, 2015 and may be claimed on eligible costs and expenses (incurred before and after September 1, 2013) associated with the certified rehabilitation of a certified historic structure that is placed in service on or after September 1, 2013. Subsequent to the enactment of H.B. 500, the Texas Attorney General issued Opinion No. GA-1045 explaining various issues raised by taxpayers, including the timing of the implementation of the HTC and clarifying which types of entities can claim, sell, or assign the HTC.
Posted on: Tue, 14 Oct 2014 15:00:00 +0000
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