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Friday, October 11, 2019

California Gov. Gavin Newsom this week signed into law a bill to create a state historic tax credit (HTC). S.B. 451 creates a state HTC for 20 percent of qualified rehabilitation expenditures (QREs), with an increase to 25 percent of QREs that meet certain criteria, including affordable housing.

Wednesday, October 9, 2019

The Internal Revenue Service (IRS) this week released the 2019-2020 priority guidance plan, which established guidance priorities for the Department of the Treasury and IRS for the period from July 1, 2019, through June 30, 2020.

Wednesday, September 25, 2019

The Missouri Department of Economic Development will publish in the Oct. 1 Missouri Register amendments to the state historic preservation tax credit program. Amendments include updates to program definitions and clarifications to the application process and application considerations.

Tuesday, September 24, 2019

Properties financed by federal historic tax credits (HTC) resulted in 128,500 jobs and $7.7 billion in rehabilitation investment in fiscal year 2018 (FY 2018) according to an annual report from Rutgers University and the National Park Service (NPS).

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.

Thursday, August 1, 2019

The U.S. Senate voted 67-28 Thursday to pass a two-year, $2.7 trillion discretionary budget agreement, sending the legislation to President Donald Trump, who is expected to sign it. The budget deal, which was passed last week by the House of Representatives, would suspend the federal debt ceiling until July 31, 2021, and contains no provisions to extend expired or expiring tax provisions.

Thursday, August 1, 2019

The Arkansas Department of Finance and Administration released a legal opinion clarifying that a taxpayer may claim the state historic tax credit (HTC) against the state income tax or the state insurance premium tax, but not both.

Thursday, July 25, 2019

The House of Representatives today passed a two-year, $2.7 trillion discretionary budget agreement by a 284-149 vote. The agreement would also suspend the federal debt ceiling until July 31, 2021. The budget deal would give defense programs a 3 percent increase from $647 billion in fiscal year 2019 to $666.5 billion in fiscal year 2020 and nondefense programs a 4 percent increase from $597 billion in fiscal year 2019 to $621.5 billion in fiscal year 2020. The fiscal year 2021 spending caps would be $671.5 billion for defense and $626.5 billion for nondefense.

Wednesday, July 24, 2019

The sunset date for Rhode Island historic tax credits (HTCs) funded through the cultural arts and economic grant program was extended until the end of 2022 through legislation that became law Friday. S.B. 980 extends the expiration date for those credits from the end of 2019, although no credits can be reserved after June 30, 2020. The general state HTC for Rhode Island expires June 30, 2023.

Thursday, July 18, 2019

The Internal Revenue Service (IRS) will publish in Friday’s Federal Register its final regulations concerning the tax treatment of lessees of investment credit property following an election under Internal Revenue Code Section 50(d)(5).

Thursday, July 11, 2019

Hawaii Gov. David Ige this week signed legislation to create a state historic tax credit. S.B. 1394 creates a credit worth 30 percent of qualified rehabilitation expenses with a $1 million annual statewide cap. The credit is effective immediately and will sunset Dec. 31, 2024.

Wednesday, July 3, 2019

Delaware Gov. John Carney signed a spending bill this week that includes the authorization of $8 million in state historic tax credits (HTCs) for an additional year. S.B. 180 extends funding for the state HTC program through 2025. It previously was funded through 2024.

Tuesday, July 2, 2019

The National Park Service (NPS) will publish a notice Wednesday in the Federal Register seeking feedback on its Historic Preservation Certification Application, NPS Forms 10-168, 10-168a, 10-168b, 10-168c, 10-168d and 10-168e. The certifications are necessary for an applicant to receive historic tax credits under Section 47 of the Internal Revenue Code.

Wednesday, June 26, 2019

The Advisory Council on Historic Preservation (ACHP) will hold its quarterly meeting July 10 at 8:30 a.m. at the Smithsonian Castle Visitor Center in Washington, D.C. The ACHP is an independent federal agency that promotes the nation’s historic resources and advises the president and Congress on preservation policy.

Tuesday, June 11, 2019

Legislation that would extend and expand the North Carolina historic tax credit (HTC) passed the state House of Representatives and now is in the Senate. H.B. 399 would extend the sunset date from Jan. 1, 2020, to Jan. 1, 2032, although it would apply to expenses incurred after Jan. 1, 2024.

Friday, May 31, 2019

The California state Senate this week unanimously passed legislation to create a state historic tax credit (HTC). S.B. 451 would create a state HTC from 2021 through 2025 worth 20 percent of qualified rehabilitation expenses (QRE), with a 5 percent bonus for properties that meet certain criteria, including low-income housing.