On July 30, the IRS provided important relief for historic tax credit projects that are underway but facing significant delays because of Covid-19. Specifically, the IRS extended the deadline for certain rehabilitation projects to satisfy the substantial rehabilitation test when claiming historic tax credits (HTC). Under normal circumstances, a building is treated as substantially rehabilitated and eligible for the HTC only if qualified rehabilitation expenses are incurred over a 24-month period, or 60-month measuring period for phased projects, and that those expenses exceed the adjusted basis of the building or $5,000, whichever is greater. The IRS notice extends the 24 and 60 month measuring periods to satisfy the substantial rehabilitation test for qualifying projects.#historictaxcredit#FederalHistoricTaxCredit#taxincentives#Advocacy
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