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Expert Analysis

New And Narrow: IRS Safe Harbor For Rehab Credits

Law360, New York (January 10, 2014, 12:56 PM EST) -- On Dec. 30, 2013[1], in response to guidance requests as a result of the decision in Historic Boardwalk Hall[2], the Internal Revenue Service issued Revenue Procedure 2014-12, which set forth a safe harbor to clarify the IRS' treatment of Section 47 of the Internal Revenue Code of 1986, as amended, allocations of rehabilitation tax credits in certain circumstances. However, compliance with this new safe harbor alone does not guarantee that the partnership's rehabilitation tax credits will be valid; the credits still must otherwise be valid rehabilitation credits that derive from qualified rehabilitation expenditures and otherwise be valid allocations under Section 704(b) of the Code....

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