IRS Memo Discusses Tax Questions About Massachusetts Credits

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Tax Credit Advisor, January 2012: Anew IRS Chief Counsel Advice Memo (201147024) provides answers to questions about various aspects of the federal tax treatment of five different Massachusetts state tax credits. These are the historic rehabilitation, low-income housing, brownfields, motion picture, and medical device tax credits.

All of these tax credits are transferrable by the original recipient of them, and all are nonrefundable except the motion picture tax credit.

Washington, D.C. tax attorney Jerry Breed, a partner at Bryan Cave LLP, said the memo contains no new or different guidance not previously issued by the IRS. Read More…