Among the most commonly used and perhaps the most important tool in the historic tax credit (HTC) toolbox is the ability to twin the 20% federal credit with the various state HTCs. In most states, this additional incentive can provide on average 20%-25% of state HTCs that can be used in tandem with the federal credit. Presently, thirty-eight states have enacted their own state HTC that can be used to incentivize the rehabilitation of historic buildings. This month’s Novogradac Journal of Tax Credits Tool Box article examines recent updates to state HTC programs and the impact they have had on the industry.