Recent News

Thursday, May 21, 2020

The Internal Revenue Service will publish in tomorrow’s Federal Register proposed amendments to Treasury Regulation 1.47-7 concerning the historic tax credit (HTC), including rules to coordinate the new five-year period over which the credit may be claimed with other special rules for investment credit property.

Monday, May 18, 2020

The Maryland state historic tax credit (HTC) for commercial properties is now transferrable, due to legislation enacted May 8. H.B. 862 allows the state commercial HTC to be transferred and to be refundable. The new provisions begin July 1 and apply to taxable years beginning Jan. 1, 2020.

Friday, May 15, 2020

Legislation enacted in Maryland makes changes to the state historic tax credit (HTC) incentive, including a new definition of “small commercial project.” H.B. 759 adds the common areas for condominiums and cooperative housing to the list of areas for which the HTC can be claimed in a small commercial project.

Tuesday, May 12, 2020

House Democrats today unveiled a $3 trillion COVID-19 relief bill, their proposal for “Phase 4” of pandemic relief legislation. The Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act would provide nearly $1 trillion to state and local governments to avert layoffs and $200 billion in hazard pay for essential workers.

Monday, May 4, 2020

The Internal Revenue Service issued a notice that clarifies that taxpayers are not allowed a deduction for an expense if payment of the expense results in forgiveness of a Paycheck Protection Program (PPP) loan, and the income associated with the forgiveness is excluded from gross income.

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