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.
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.
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.
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.
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.
The United States Tax Court issued a ruling Monday that a limited liability company’s conservation easement failed to meet the requirement for a charitable contribution deduction, disallowing the charitable conservation easement donation. The ruling in Coal Property Holdings vs.
The Texas Historical Commission has adopted new regulations concerning how applicants may appeal a denial of state historic tax credits. The new regulations describe how applicants may appeal a denial of credits based on a finding that their proposed or completed work doesn’t meet the Secretary of the Interior’s Standards for Rehabilitation.
The Missouri Department of Economic Development this month terminated emergency amendments for terms used in the program overview and application for the state historic tax credit program and provided updated definitions. The update covers qualified rehabilitation expenses, a preliminary application and scoring, and when the applicant’s hard costs and soft costs are eligible for tax credits. The updated definitions take effect Nov. 29.
The Advisory Council on Historic Preservation (ACHP) will announce in Wednesday’s Federal Register that it will hold a quarterly meeting Nov. 7 at 1 p.m. in Room SR325 of the Russell Senate Office Building in Washington, D.C. The agenda includes a discussion of issues related to Section 106, which requires each federal agency to identify and assess the effects of federal action on historic resources.
The Oklahoma Tax Commission issued a letter ruling allowing the allocation of state historic tax credits (HTCs) to one member of a partnership and that partner’s ability to transfer the credits to a third party within five years of the property qualifying for the credits.
Sens. Bill Cassidy, R-La., Ben Cardin, D-Md., Susan Collins, R-Maine, and Maria Cantwell, D-Wash., today introduced the Historic Tax Credit Growth and Opportunity Act. The bill is designed to bring more value to historic tax credit (HTC) transactions and to encourage redevelopment of smaller, income-producing properties.
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.
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.
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.
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).
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.
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.
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.
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.
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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