ACHP Chairman Aimee Jorjani says new IRS COVID-19 taxpayer relief will help historic preservation projects throughout the country. Today, the IRS extended the deadline by almost a year for satisfying the substantial rehabilitation test for claiming the Historic Tax Credit for rehabilitation of historic income-producing properties.
The preservation community had advocated for IRS to take action, and Jorjani in June wrote to Treasury Secretary Steven Mnunchin asking for a one-year extension, saying many historic preservation projects would be unable to meet the previous deadline due to curtailment or stoppage of work due to COVID-19.
“Doing so will keep the credit from being hobbled as a tool for helping communities recover economically from the COVID-19 pandemic,” she wrote.
For more information, see IRS Notice 2020-58.