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IRS Publishes Updated FAQ Document for HTC
The Internal Revenue Service (IRS) this week published an updated frequently asked questions (FAQ) document concerning the federal historic tax credit (HTC). The questions addressed include eligibility and definitions, qualified rehabilitation expenditures, basis and several other key aspects surrounding HTC. The FAQ provides a quick overview of the HTC incentive, as well as references to the relevant sections of the Internal Revenue Code, key Treasury Regulations and other IRS guidance. The IRS emphasized that the answers do not constitute legal authority and may not be relied upon as such. They do not amend, modify or add to the income tax regulations or any other legal authority.
The 2020 Novogradac Historic Rehabilitation Handbook provides an overview of the HTC and the intricacies of the incentive.