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Historic Tax Credit

The University of North Texas System (UNTS) is inviting bids from qualified buyers interested in purchasing 2019 Historic Tax Credits.

Background

The 85th Texas Legislature passed Senate Bill 550 to provide financial incentives to public universities to engage in historic preservation work. This benefits local and state economies, generates investment in the area’s construction industry, and provides better places to work, interact with the community, educate, and learn.

The bill enabled public universities to take advantage of a preservation tax credit of up to 25% of the total eligible costs and expenses incurred in financing capital projects or maintenance work for historic buildings. Universities can sell their earned tax preservation credits to companies that owe either Texas franchise tax or insurance premium taxes to the Texas Comptroller of Public Accounts.

University of North Texas System

On January 13th, 2020, the University of North Texas System received notification from the Texas Historical Commission confirming that renovation of the Old Municipal Building, located in the City of Dallas and now known as the UNT Dallas Law Center, meets Texas Historical Preservation Tax Credit criteria.

The University of North Texas System anticipates receipt of a Historic Structure Credit, for the Old Municipal Building rehabilitation project, on or before March 6th, 2020. The value of the Historic Structure Credit Certificate is expected to be approximately $11.5 million dollars. Upon receipt of the Historic Structure Credit Certificate, the University of North Texas System will call for offers to buy the credits.

How to Use

The Historic Tax Credit may be applied against a business’s franchise tax liability and/or insurance premium. The Historic Tax Credit is generally allowed in the taxable year that the rehabilitated property is placed in service or the project is completed. The rehabilitated property, the Old Municipal Building in the City of Dallas, was placed into service July 11th, 2019. Unused franchise tax credit can be carried forward five years or transferred to another entity.

Instructions

Please carefully read through all documents posted below. If you have any questions, please send an email to treasury@untsystem.edu with subject line, “Question(s) regarding HTC ITB 2019-001".

Document Link 1: Invitation to Bid
Document Link 2: Tax Credit Purchase Agreement
Document Link 3: Respondent Questionnaire and Bid Sheet

How to submit Bids

Complete and return the Respondent Questionnaire and Bid Sheet to treasury@untsystem.edu 5:00PM (Central Time) on Friday, March 20th, 2020.

Schedule of Events

Question Submission Deadline Last day to submit questions Wednesday, March 11th, 2020 before 5:00PM (Central Time)
Question Submission Responses (FAQ’s) Posted Responses to frequently asked questions will be posted back on this site Tuesday, March 17th, 2020 before 5:00PM (Central Time)
Bid Submission Deadline Last day to submit bids Friday, March 20th, 2020 before 5:00PM (Central Time)

For more information

Please see the following links for more information provided by the Texas Comptroller and the Texas Historical Commission: