Recent News

Thursday, December 12, 2019

The Office of the Comptroller of the Currency (OCC) today released a notice of proposed rulemaking to reform the Community Reinvestment Act (CRA) regulations. The OCC was joined by the Federal Deposit Insurance Corporation, which is one of three federal regulators that oversee the CRA. The Federal Reserve Board of Governors did not sign on.

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.

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