Bipartisan Legislation Introduced to Eliminate HTC Basis-Adjustment Requirement

Thursday, June 14, 2018 - 9:30am

Legislation to eliminate the existing basis adjustment requirement for historic tax credit (HTC) properties was introduced yesterday by Sens. Bill Cassidy, R-La., Ben Cardin, D-Md., Susan Collins, R-Maine, and Reps. Darin LaHood, R-Ill., and Earl Blumenauer, D-Ore. A press release from Sen. Cassidy’s office said the legislation brings the HTC in line with other tax credits claimed over multiple years, including the low-income housing tax credit.