Senator Schumer and Cardin Introduce SA-3183 to Prohibit Retroactive Application of Revenue Procedure 2014-12 to Close HTC Transactions

January 8, 2015Category: Legislation

In reaction to recent IRS audit activity on closed Historic Tax Credit transactions, the HTCC has worked with Senator Schumer and Cardin to draft an amendment to clarify that Revenue Procedure 2014-12 may not be applied to projects closed prior to the issuance of the Procedure… Read More

HTCC Asks IRS to Provide Guidance on Accounting Treatment for Section 50(d) Income

January 8, 2015Category: IRS Guidance

The IRS has informally signaled to the Historic Tax Credit Coalition at recent conferences that it intends to rule on accounting treatment for the 50(d) income that results from the use of the Master Tenant legal structure. In order to shape this impending guidance, the Historic Tax Credit Coalition asked the IRS to place this issue on its FY15 Priority Guidance List… Read More

HTCC Works With the IRS to Issue HTC Revenue Procedure

January 8, 2015Category: IRS Guidance

To help re-energize the historic tax credit industry, the Historic Tax Credit Coalition (HTCC) began to work with the Internal Revenue Service (IRS) on a comprehensive revenue procedure that would give investors and developers a clear roadmap for compliance… Read More

HTCC Requests CRA Eligibility for the Historic Tax Credit

January 8, 2015Category: Regulations

In response to a request for comments on the Community Reinvestment Act Interagency Questions and Answers document, the Historic Tax Credit Coalition wrote a letter endorsed by over 165 organizations and the National Park Service… Read More