NORFOLK, Va. - A Chesapeake man indicted on federal charges that he cheated Virginia and the federal government out of millions in historic tax credits is set to enter into a plea agreement.

Authorities say 47-year-old George P. Hranowskyj (rah-now-skee) will enter his plea in Norfolk federal court on Thursday.

Prosecutors say the Norfolk developer and a partner obtained more than $12 million in federal and state historic rehabilitation tax credits by inflating the amounts spent on renovating properties. They then transferred the tax credits to unsuspecting corporate investors in exchange for millions of dollars.

Hranowskyj's partner, Eric Menden, pleaded guilty on April 20.

(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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