Kentucky Department of Revenue Issues PLR on Proposed Structure of NMTC Transaction

Wednesday, November 13, 2019 - 9:45am

The Kentucky Department of Revenue issued a private letter ruling (PLR) Nov. 5 concerning a proposed stacked leverage structure in a transaction made using the state’s new markets tax credit. KY-PLR-19-10 includes 13 conclusions related to the specific request, including that loans made by sub-community development entities qualify as qualified low-income community investments if they meet specific requirements. The guidance is limited to the specific transaction.