All News

Wednesday, July 15, 2020

Louisiana Gov. John Bel Edwards signed legislation to extend the sunset date of the state historic tax credit (HTC) until the end of 2027 and establish an annual cap. H.B. 4 moves the sunset date for the state 20 percent HTC from the end of 2021 until the end of 2027 and sets the annual statewide cap for HTCs at $125 million.

Thursday, July 9, 2020

Mississippi Gov. Tate Reeves this week signed into law H.B. 1729, which—among other things—extends the state historic tax credit (HTC) sunset date from 2020 to 2030. H.B. 1729 authorizes the state HTC at an aggregate $180 million and allows a taxpayer to elect to receive a rebate of 75 percent of the credit in lieu of a 10-year-carryforward (previous law allowed a 75 percent credit on the amount beyond $250,000 in that circumstance).

Monday, July 6, 2020

The Delaware state historic tax credit will be funded an additional year–through 2026–after state budget legislation was signed into law last week. S.B. 242 funds the state HTC at $8 million annually from 2021-2026. The HTC was previously funded at that amount for 2020-2025.

Wednesday, July 1, 2020

The House of Representatives today approved a sweeping infrastructure bill, voting to send the $1.5 trillion legislation to the Senate. The Moving Forward Act (H.R.

Monday, June 29, 2020

The Rhode Island budget bill signed last week by Gov. Gina Raimondo includes a provision to fund the state historic tax credit (HTC), thereby extending the HTC sunset date until June 30, 2021. H. 7170 calls for a transfer of $5 million in appropriations for the Rebuild Rhode Island Tax Credit program.

Monday, June 22, 2020

Sweeping infrastructure legislation released today in the House of Representatives includes provisions to establish a permanent minimum 4 percent rate for the low-income housing tax credit (LIHTC), increase the annual LIHTC allocation amount, temporarily reduce the 50 percent test for bond-financed housing to 25 percent and permanently extend the new markets tax credit (NMTC) at $5 billion (with additional allocation in 2020 and 2021).

Wednesday, June 10, 2020

The U.S. Department of Treasury and the Internal Revenue Service (IRS) today posted a notice seeking recommendations to be included on the 2020-2021 Priority Guidance Plan. The Priority Guidance Plan identifies guidance projects that the Treasury and the IRS intend to focus on from July 1, 2020, through June 30, 2021.

Tuesday, June 2, 2020

Bills introduced during a 30-day special session of the Louisiana state Legislature would extend and expand the state historic tax credit (HTC). H.B. 4 would extend the sunset date for the state’s 20 percent credit from the end of 2021 until the end of 2027.

Tuesday, June 2, 2020

Legislation in Mississippi would make several changes in the state historic tax credit (HTC), including extending the sunset date by 10 years. H.B. 1729 was introduced last week and passed by the House of Representatives. It is now before the state Senate.

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.

Friday, May 1, 2020

The National Trust for Historic Preservation and nearly 400 other organizations this week sent a letter to the leaders of the House of Representatives and U.S. Senate, asking for provisions affecting the historic tax credit (HTC) to be included in future COVID-19 pandemic relief legislation, along with funding for several other historic preservation programs.

Thursday, April 30, 2020

The Internal Revenue Service will publish a revenue procedure May 18 to temporarily allow taxpayers to electronically submit requests for private letter rulings and other guidance. Revenue Procedure 2020-29 modifies an earlier revenue procedure and will allow both paper and electronic requests for advice until Revenue Procedure 2020-29 is modified or superseded.

Friday, April 24, 2020

President Donald Trump today signed the $484 billion COVID-19 relief bill into law, providing $380 billion for small businesses, $75 billion for hospitals and $25 billion for disease testing.

Wednesday, April 22, 2020

The House of Representatives is expected to vote Thursday morning on a $484 billion COVID-19 relief bill that includes $380 billion for small businesses, $75 billion for hospitals and $25 billion for disease testing.

Friday, April 17, 2020

The Internal Revenue Service today released guidance allowing taxpayers to change depreciation for qualified improvement property (QIP) under Internal Revenue Code 168, based on changes from the Coronavirus Aid, Relief and Economic Security (CARES) Act.

Friday, March 27, 2020

President Donald Trump today signed the Coronavirus Aid, Relief and Economic Security (CARES) Act (Senate Amendment to H.R. 748), a $2 trillion bill that includes financial aid to individuals, businesses, nonprofits and state and local governments.