Recent News

Monday, January 7, 2019

Rep. Dwight Evans, D-Pa., introduced a bill to allow rehabilitation expenses on older public school buildings to qualify for the federal historic tax credit (HTC). H.R. 158 would remove the prior-use restriction from the HTC that makes it impossible for local governments to collaborate with private developers on school renovations.  Similar legislation was proposed in 2012.

Friday, December 14, 2018

The Internal Revenue Service (IRS) yesterday released proposed regulations on the base erosion and anti-abuse tax (BEAT). The BEAT is an alternative tax applicable to large corporations with significant multinational operations, and in some cases could limit the ability of tax credit investors to utilize their tax credits to reduce their BEAT liability.

Friday, December 7, 2018

The West Virginia Tax Department amended, effective Dec. 31, certain regulations for its state historic tax credit (HTC). The amendments include changes to regulations concerning the distribution of the credit for ownership groups, the transfer of the credit, the results of being in arrears in payment of other taxes and more.

Tuesday, December 4, 2018

The National Trust for Historic Preservation published a report, “State Historic Tax Credits: Maximizing Preservation, Community Revitalization, and Economic Impact,” to serve as a guide for state and local policy makers to understand the benefits of historic rehabilitation and key factors to structure an effective state historic tax credit (HTC) program.

Monday, November 26, 2018

The Internal Revenue Service issued a notice of proposed rulemaking today for a provision of last year’s tax reform legislation that limits the business interest expense deduction for certain taxpayers.

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