Recent News

Wednesday, September 18, 2019

A bill to create a California state historic tax credit (HTC) passed the Assembly and the Senate and now is on Gov. Gavin Newsom’s desk. S.B. 451 would create a state HTC for 20 percent or 25 percent of qualified rehabilitation expenses (QREs) that meet specific criteria and would be in effect from 2021 through 2026.

Wednesday, September 4, 2019

In a bench opinion, a United States Tax Court judge ruled that investors were bona fide partners in a refined coal production facility and were entitled to tax credits. The decision in Cross Refined Coal, LLC, USA Refined Coal, LLC, Tax Matters Partner v. Commissioner of Internal Revenue concerned whether Cross Refined Coal, LLC was a bona fide partnership and whether the tax credit investors were bona fide partners.

Thursday, August 29, 2019

Issues concerning the low-income housing tax credit (LIHTC), historic tax credit (HTC) and new markets tax credit (NMTC) remain part of the Treasury Department’s 2018-2019 Priority Guidance Plan.

Monday, August 19, 2019

The Kentucky Department of Revenue issued a general information letter clarifying that a nonprofit entity that received a state historic tax credit (HTC) could not transfer the credit to a new, single-member limited liability company (LLC) unless that LLC was subject to the financial institution franchise tax. Kentucky HTC regulations require that the HTC only be transferred to entities that pay the bank franchise tax.

Wednesday, August 7, 2019

The Indiana Department of Revenue issued an information bulletin clarifying that no expenditures made after June 30, 2016, nor expenditures in a taxable year beginning after Dec. 31, 2015, are eligible for certification under the state historic tax credit (HTC). However, HTCs granted previously are eligible for carryforward.

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