The IRS published Notice 2020-58 on 7-30-20 to provide additional COVID-19 relief to taxpayers in satisfying the “substantial rehabilitation” test for the historic tax credit (HTC).
Taxpayers with a 24- or 60-month measuring period under the substantial rehabilitation test ending on or after April 1, 2020, and before March 31, 2021, now have until March 31, 2021, to satisfy the test for claiming the HTC or qualifying under the transition rule provided in tax reform legislation at the end of 2017.
Duane Morris has an active deal structuring team who focuses on Historic Tax Credits, New Markets Tax Credits, Opportunity Zone fund creation and equity deployment and Renewables credits. Contact your Duane Morris attorney for more information. Prior Alerts on the topic are available on the team’s webpage.
If you have any questions about this post, please contact Brad A. Molotsky or Art Momjian or the attorney at the firm with whom you are regularly in contact.
Be well and stay safe!