IRS Issues Historic Tax Credit Safe Harbor Guidance
The Internal Revenue Service (IRS) has issued Revenue Procedure 2014-12, which establishes the safe harbor requirements under which the IRS will not challenge partnership allocations of § 47 historic rehabilitation tax credits (HTCs) by a partnership to its partners. Rev. Proc. 2014-12 says the Treasury Department and the IRS intend for the safe harbor to provide partnerships and partners with more predictability regarding the allocation of HTCs to partners of partnerships that rehabilitate certified historic structures and other qualified rehabilitated buildings. Rev. Proc. 2014-12 takes effect for the allocation of HTCs made by a partnership to its partners beginning Dec. 30, 2013.
To learn more about this highly anticipated guidance, plan to attend Novogradac & Company's upcoming webinar. Stay tuned to www.novoco.com/events for details about this event, which will be announced shortly.