Arkansas Legal Opinion: Decrease in HTC Minimum Threshold Started in 2019

Friday, November 15, 2019 - 10:00am

The Arkansas Department of Finance and Administration issued a revenue legal counsel opinion last month, clarifying that a decreased minimum investment threshold to qualify for the state historic tax credit applies only to rehabilitation developments begun on or after Jan. 1, 2019. A taxpayer asked for guidance on a multi-phase rehabilitation of property over several years. The ruling focused on state legislation that decreased the threshold, stating that the bill specifically stated that the decrease is for rehabilitations started on or after Jan. 1, 2019.