In recent legislative developments, both Florida and Missouri are exploring changes to their state historic tax credit (HTC) programs.

In Florida, Senate Bill 1166 proposes the establishment of a state HTC equivalent to 20% of qualified rehabilitation expenditures (QREs). Properties located in active Main Street program areas would enjoy an additional 10% bonus. The credit comes with an annual project cap of $200,000 and a multiyear project cap of $1 million, while the statewide annual cap is set at $25 million. If enacted, this bill, introduced for the fourth consecutive year, would take effect on July 1, reflecting the state's ongoing commitment to historic preservation through incentivized rehabilitation projects.

In Missouri, House Bill 1936, seeks to enhance the state HTC by retaining the existing 25% credit while providing a substantial boost to 35% of QREs for developments in counties without a city with 400,000 or more residents. This proposed legislation introduces standards for qualifying QREs for the bonus credit, extends eligibility to residential properties certified as historic structures or located in distressed communities, and exempts from the statewide cap any single certified historic structure exceeding 1 million square feet that meets specific requirements. These legislative initiatives in both states highlight ongoing efforts to adapt and optimize state HTC programs, encouraging historic rehabilitation and preservation endeavors.