Recent News

Tuesday, December 3, 2019

The Internal Revenue Service will publish final regulations to implement the base erosion and anti-abuse tax (BEAT) in Friday’s Federal Register. Treasury Decision 9885 finalizes proposed regulations published Dec. 21, 2018, and is effective Friday.

Friday, November 15, 2019

The Arkansas Department of Finance and Administration issued a revenue legal counsel opinion last month, clarifying that a decreased minimum investment threshold to qualify for the state historic tax credit applies only to rehabilitation developments begun on or after Jan. 1, 2019. A taxpayer asked for guidance on a multi-phase rehabilitation of property over several years.

Wednesday, November 6, 2019

A U.S. District Court ruled this week that a company’s previous historic tax credit (HTC) investments and dealings with the Internal Revenue Service (IRS) concerning those investments are not relevant to a current breach-of-contract lawsuit. The U.S. District Court for the Middle District of Louisiana concluded in Chevron TCI Inc. v.

Monday, November 4, 2019

Gov. Roy Cooper signed a bill Friday extending North Carolina’s state historic tax credit (HTC) by four years. H.B. 399 extends the state HTC’s sunset date from the beginning of 2020 to the beginning of 2024, requiring that the property be placed in service by Jan. 1, 2032.

Monday, November 4, 2019

The Texas Historical Commission adopted amended regulations effective today for the state Historic Tax Credit (HTC) program. The amended regulations concern how the commission staff accepts and reviews state HTC applications and allow the staff to close inactive applications. Closure of an inactive application does not disqualify the applicant from receiving tax credits.

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