Give me Some (Tax) Credit

Give me Some (Tax) Credit

Real Estate News
The Texas Historic Preservation Tax Credit (THPTC) is a little known incentive program established through Texas House Bill 500 during the 83rd Texas Legislative Session. With the goal of making historic preservation projects more economically viable and feasible in the state, the THPTC offers a 25 percent franchise tax credit for eligible rehabilitation costs for buildings listed in the National Register of Historic Places, as well as in the Recorded Texas Historic Landmarks and Texas State Antiquities Landmarks. The THPTC went into effect on January 1, 2015 and mirrors the Federal Historic Preservation Tax Incentive Program (which offers a 20 percent income tax credit for the rehabilitation of historic buildings) with its three-part application process: (1) Part A: Evaluation of Significance (2) Part B: Description of Rehabilitation (3) Part C:…
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Texas Real Estate Market Sizzles

Real Estate News
Reprinted from CultureMap Austin The housing market in Texas is as hot as this summer heat. The latest quarterly housing report from Texas Association of Realtors (TAR) shows home sales have continued to increase across the Lone Star State for the hottest season to date. Looking at the second quarter of 2016, the median home price in Texas grew to $215,000, a 7.5 percent increase from Q2 2015, and an all-time high for the state. In addition, active listings rose by 4.1 percent, while the number of closed sales hit 91,418 (up 4.4 percent) — the highest volume of Texas home sales ever. “The last few months have been one of the strongest starts to the summer selling season in the history of Texas real estate,” says Leslie Rouda Smith, chairman of the…
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