Oklahoma Tax Commission Ruling Allows Allocation of HTCs to One Partner, Transfer to Others

Tuesday, October 22, 2019 - 8:00am

The Oklahoma Tax Commission issued a letter ruling allowing the allocation of state historic tax credits (HTCs) to one member of a partnership and that partner’s ability to transfer the credits to a third party within five years of the property qualifying for the credits. The ruling also allowed the taxpayer to claim all 20 percent of the state HTCs for the year the qualified rehabilitation expenditures were placed in service and allowed the transfer of state HTCs to one or more third parties in any denomination. The letter ruling applies to the circumstances of the specific taxpayer.