Historic Rehabilitation Category Archives

Michigan Extends HTC Through 2030 

Gov. Gretchen Whitmer (D) of Michigan signed legislation extending the state’s Historic Tax Credit (HTC) through 2030.  S.B. 54 allows a qualified taxpayer with a certificate of completed rehabilitation issued after December 31, 2020 and before January 1, 2031, to credit against the income tax or Corporate Income Tax (CIT) 25 percent of the qualified expenditures that met eligibility criteria […]

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IRS Extends Grandfathering for the One-Year Historic Tax Credit

The Tax Cut and Jobs Act of 2017 made significant changes to the Historic Tax Credit, turning it from a one-year credit with a five-year compliance period to a five-year credit taken ratably. Transition rules were set in place that permitted some projects currently underway to be grandfathered in under the former one-year credit. That grandfathering rule had an end date in June 2020. Now, in light of the COVID-19 pandemic, the IRS has provided an extension of the grandfathering rule, into 2021.

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RBCCM’s Tax Credit Equity Group Closes $65.6 Million California Fund

RBC Capital Markets Tax Credit Equity Group recently announced the closing of RBC Tax Credit Equity California Fund–5 with total tax credit equity of $65,676,225. The Fund consists of federal LIHTC equity and federal Historic Tax Credit equity. The Fund is comprised of investments in six LIHTC eligible multi-family apartment communities located throughout California, representing 707 affordable homes.

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