On May 22, 28 members of Congress sent a letter to Treasury Secretary Jack Lew urging the Internal Revenue Service (IRS) to support expedited guidance regarding the criteria a partnership must meet in order to be able to participate in the federal historic rehabilitation tax credit (HTC) program. The letter was sent in response to the recent freeze in economic activity due to uncertainty surrounding the Historic Boardwalk Hall decision, combined with a lack of clear guidance delineating acceptable alternative HTC partnership structures. The delegates believe that HTC activity will not recommence until the IRS issues guidance that clearly sets forth this criteria. Signatories of the letter include Senators Chuck Schumer (D-NY), Ben Cardin (D-MD), Richard Blumenthal (D-CT), Mary Landrieu (D-LA), David Vitter (R-LA), Roy D. Blunt (R-MO), Amy Klobuchar (D-MN) and Representatives Pat Tiberi (R-OH), Aaron Schock (R-IL), Rodney Alexander (R-LA), John Fleming (R-MS), Martha Roby (R-AL), Steve Stivers (R-OH), Earl Blumenauer (D-OR), William Cassidy (R-LA), Richard Neal (D-MA), Chris Van Hollen (D-MD), John B. Larson (D-CT), among others.
Click here to read the letter.
