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Novogradac Introduction to Historic Tax Credits
The Introduction to Historic Tax Credits is an introduction to the basics of the Historic Tax Credit (HTC) program. The fifth edition of this resource has been expanded to include changes for the HTC coming out of the 2017 federal tax reform, including a requirement that the credit be taken “ratably” over the five-year period, how that change affects HTC recapture, placed-in-service considerations with transition rules and how qualified improvement property affects the ability to claim the credit. Topics in the Introduction to Historic Tax Credits include the tax credit’s history and development; qualifying buildings and expenditures; tax-exempt use; tax credit recapture; typical partnership structures; applying for credits; combining the federal HTC with state HTCs; combining HTCs with other federal tax incentives; and the implications of IRS Revenue Procedure 2014-12. The booklet includes the most up-to-date program information, as well as a glossary of common terms associated with HTC transactions. The Introduction to Historic Tax Credits is a must-have for anyone interested in learning about the HTC program.
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