Governor Parson has announced the extension of his Emergency Executive Order 21- 07 until August 31,2021.
The impact on HTC PROJECTS is the delay on the regulation which requires the developer to expend 10% within 9 months on post sb 590 projects and 2 years on pre sb590 projects. DED's waiver extends the deadline 3 months November 30, 2021.Governor Parson pursuant to his original Executive Order 20-04 (EO 20-04) issued the Department of Economic Development (DED) a waiver granting it permission to temporarily suspend certain statutory requirements related to the Historic Preservation Tax Credit during the COVID-19 emergency and subsequent recovery period. Read the full waiver here.
DED informed us of the Governor's action by EO to extend the current deadline by three months on two statutory requirements:
- The requirement of submission of "financing capacity" within 60 days following the award of credits.
- A 10% expenditure requirement on "commencement of rehabilitation" within 9 months or two years for projects authorized prior to August 28, 2018. This time extension would apply to both: [a] the 'date that actual physical work' will 'have begun'; and [b] the 'date by which the taxpayer will have incurred no less than ten percent of the estimated costs of the rehabilitation'.
Under the temporary suspension, DED will suspend its determinations in the quoted statutory provisions for a period equal to the duration of the effective period of EO 21-07 including any extensions in addition to three months as explained. The current emergency period is set to expire on August 31, 2021 therefore the 3 month extension will expire November 30, 2021 unless the EO is extended.
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