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Guidance on Historic Tax Credits by Pass-through Entities

on Monday, 13 March 2017 in Dirt Alert: David C. Levy, Editor

On March 7, 2017, the Nebraska Department of Revenue issued guidance on the use of state historic tax credits by owners of pass-through entities.  The Nebraska Job Creation and Mainstreet Revitalization Act (the “Act”) established tax credits for applicants to rehabilitate historically significant property. 

The guidance under the Act provides that an owner admitted into the ownership structure of a pass-through entity may not use historic tax credits to offset the owner’s tax liabilities for any years prior to the year the recipient became an owner of the pass-through entity.  In other words, there is no legislative grace to owners who did not have an ownership interest in the entity during the year when the historically-significant real property was placed in service.

Please contact us if you have any questions about the guidance. Thank you.

Garner R. Girthoffer


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