PLRs DISCUSS TREATING SEPARATE BUILDINGS AS ONE HTC PROJECT
The Internal Revenue Service (IRS) last week released a pair of related private letter rulings (PLRs) concerning historic tax credit (HTC) regulations. In PLR 201228015 and PLR 201228016, the IRS found that separate buildings rehabilitated under a common plan, completed within a reasonable time of each other, located on the same site and intended to be used in an integrated manner will constitute one project for purposes of the HTC. PLRs are directed to the taxpayers who requested them and may not be used or cited as precedent.
Learn more about these rulings and other historic rehabilitation guidance at Novogradac & Company’s National Historic Tax Credit Conference, September 6-7 in Louisville, Ky.