Indiana Issues Guidance on Carryforward of Expired State HTC
The Indiana Department of Revenue issued guidance this month to clarify how to carry forward the state’s expired historic tax credit (HTC). Indiana Information Bulletin IT87 states that credits for expenditures made before June 30, 2016, or in a taxable year beginning before Dec. 31, 2015, are eligible for carryforward. Those credits can be carried forward up to 15 taxable years following the taxable year in which the taxpayer is first entitled to the credit. The Indiana state HTC expired in 2019 and the state has only a residential HTC.
The 2023 edition of the Novogradac Historic Rehabilitation Handbook provides and overview of the HTC and the intricacies of the incentive.