PA HPTC Application Opening Date
One final reminder that – Thursday, January 11, 2018 – was the opening application date for Pennsylvania’s historic tax credit program. The application period closes on February 1, 2018.
Please remember that you must apply for the PA HPTC program through DCED’s Electronic Single Application system. Here are some helpful links:
PA HPTC program overview – https://dced.pa.gov/programs/historic-preservation-tax-credit-hptc/
ESA link – https://www.esa.dced.state.pa.us/login.aspx?var=5
If you have already submitted a federal/NPS Part 1 and Part 2 Application, you only need to upload the cover sheets for the PHMC PA HPTC Part 1 and Part 2 application forms and reference the NPS Project Number on the forms. You do not need to submit narratives, plans and photos as we already have them on file from your federal submission.
Federal tax Reform Overview
Here is one of the best overviews of the potential impact of recent tax reform on historic tax credit project – including transition rules and valuation – from Novogradac & Company. Please note that tax reform “raises more questions than it answers.” The important message is that the program still exists – where many credits and deductions were eliminated – and the historic real estate development community is creative and resourceful enough to negotiate these new challenges.
Good luck with your PA HPTC applications.