Friday, January 24, 2014
IRS Issues Rules for Safe Harbor for Historic Tax Credit - The Blog for Preservation Leadership Forum
IRS Issues Rules for Safe Harbor for Historic Tax Credit - The Blog for Preservation Leadership Forum: On December 30, 2013, the Internal Revenue Service (IRS) issued much anticipated guidance (Revenue Procedure 2014-12) outlining safe harbor provisions for the allocation of historic tax credits (HTC) in business partnerships. The guidance is intended to provide these partnerships with increased predictability in acceptable tax credit allocations following the decision in the Historic Board Hall, LLC v. Commissioner, 694 F.3d 425 (3d Cir. 2012).