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IRS Extends Deadline to Meet Substantial Rehabilitation Test for Claiming Historic Tax Credit
The Internal Revenue Service today published Notice 2020-58 to provide additional COVID-19 relief to taxpayers in satisfying the substantial rehabilitation test for the historic tax credit (HTC). Taxpayers with a 24- or 60-month measuring period under the substantial rehabilitation test ending on or after April 1, 2020, and before March 31, 2021, now have until March 31, 2021, to satisfy the test for claiming the HTC or qualifying under the transition rule provided in tax reform legislation at the end of 2017.
Notice 2020-58 and other IRS guidance will be discussed at the Novogradac 2020 Historic Tax Credit Virtual Conference, Sept. 24-25.