Focus Report, Volume 87, Number 5, January 10, 2022 Page: PAGE25
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* Allowing entities to claim a tax credit on
rehabilitation costs of certified historic
structures
SB 813 by Hughes (Hefner)Digest
SB 813 would have allowed certain entities to apply
for a credit against state premium tax liability for eligible
costs and expenses incurred in the certified rehabilitation
of a certified historic structure if:
the rehabilitated certified historic structure was
placed in service on or after September 1, 2021;
the entity had an ownership interest in the
certified historic structure in the year during
which the structure was placed in service after
rehabilitation; and
the total amount of the eligible costs and expenses
incurred exceeded $5,000.
An entity could have claimed a maximum credit of
25 percent of the total eligible costs and expenses incurred
in the certified rehabilitation of a single certified historic
structure.
The bill would have established provisions governing
certification of eligibility for the credit from the Texas
Historical Commission, required certain documentation
to be submitted to the comptroller to claim the credit, and
specified how an entity could have sold or assigned the
credit for eligible costs and expenses.
Governor's reason for veto
"I am vetoing Senate Bill 813 at the request of the
author and sponsor based on the Legislature's passage
of House Bill 3777, which would amend the Texas Tax
Code to narrow the applicability of the Texas Historic
Preservation Tax Credit Program. That program issues
franchise tax or insurance premium tax credits worth up
to 25 percent of the eligible expenses of rehabilitating acertified historic structure. Senate Bill 813 would have
duplicated the authorizing statute for the program in the
Texas Insurance Code, but would have created parameters
for certified historic structures that differ from House Bill
3777 and thus could cause confusion with respect to the
qualification of a project for insurance or franchise tax
credits."
Response
Sen. Bryan Hughes, the bill's author, had no
comment on the veto.
Rep. Cole Hefner, the House sponsor, could not be
reached for comment on the veto.
Notes
SB 813 passed on the Local, Consent, and Resolutions
Calendar and was not analyzed in a Daily Floor Report.Page 25
House Research Organization
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Texas. Legislature. House of Representatives. Research Organization. Focus Report, Volume 87, Number 5, January 10, 2022, periodical, January 10, 2022; Austin, Texas. (https://texashistory.unt.edu/ark:/67531/metapth1543870/m1/25/?rotate=90: accessed July 16, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting UNT Libraries Government Documents Department.