IRS Provides Needed Clarity for Historic Tax Credit Deals

On December 30, 2013, the IRS released Revenue Procedure 2014-12 which establishes a safe harbor regarding the allocation of federal historic tax credits. Provided the requirements of the safe harbor are met, the IRS will not challenge the partnership allocation of federal tax credits to its partners (investors). This long-awaited guidance should help provide much needed predictability to partnerships involved in the rehabilitation of historic structures and other qualified historic buildings.

We will be releasing a more comprehensive analysis of this Revenue Procedure in the near future.

For further information, please contact:

Paul Young at 804.474.1203 or paul.young@dhg.com

Mike Hanger at 804.474.1301 or michael.hanger@dhg.com

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