Recent News

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.

Monday, November 26, 2018

The Louisiana Department of Revenue adopted regulations to clarify eligible costs and expenses for state historic tax credit (HTC) expenses incurred during the rehabilitation of a historic structure in a downtown development district or cultural district. The regulations also provide definitions, the application procedure, an appeal process and a procedure for claiming or transferring the state HTC. The credit was for 25 percent of costs incurred before Jan.

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