6C — November. 13 - December 10, 2020 — Professional Services — Owners, Developers & Managers — M id A tlantic Real Estate Journal
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Professional Services
By Christopher Suto, CPA, Withum Rehabilitation Credit Granted Deadline Relief
A
60-month measuring period was set to begin no later than June 20, 2018, which would then place the end of the 24 month and 60 month measur- ing period on June 20, 2020 and June 20, 2023, respectively. With the ending measuring period extension to March 31, 2021, taxpayers will be able deal with delays that may have been caused by recent events for the June 20, 2020 deadline. Another major benefit af- forded by the transition rule is that taxpayers that satisfy the eligibility requirements can now claim the Historic Tax
CHESAPEAKE, VA — Summit Pointe Realty, LLC announced that its newest office building, 555 Belaire, and Helix, a 133-unit luxury apartment community with street-level retail, are officially open. A ribbon cutting was held to mark the completion of construction and to announce the first office tenant. “Located adjacent to the Dol- lar Tree campus, we are creat- ing a lifestyle that benefits Dollar Tree associates and the community while establishing a new commercial center in the heart of Coastal Virginia,” said Dollar Tree’s executive chairman Bob Sasser. “Sum- mit Pointe is attracting new residents, new businesses and new talent to Chesapeake’s Central Business District.” “The vision for Summit Pointe is real,” said Ches- apeake Mayor Rick West. “What we see before us today is unmatched in the region. Residents are experiencing an upscale lifestyle at Helix, and soon office workers and visitors will bring energy and excitement to this emerging metropolitan area. The opening of 555 Belaire today is the be- ginning of a new downtown for Chesapeake and a new urban destination for the 757.” 555 Belaire is an unrivaled six-story office tower with cre - ative architectural spaces nes- tled between Volvo Parkway and Belaire Avenue in Chesa- peake’s Central Business Dis- trict. Currently, internation- ally recognized artist Mathew Curran is painting a mural in the two-story lobby to welcome occupants and visitors. “As we celebrate the grand opening of 555 Belaire and He- lix, we want to thank the City of Chesapeake for its continued support of our goal to create this stunning urban center,” said Chris Williams , senior vice president of Summit Pointe Realty, LLC. MAREJ Summit Pointe Realty holds ribbon cutting for 133-unit apartment community rules for claiming the 20 per- cent credit for certified historic structures. Christopher Suto, CPA, Real Es tate Servi ces Group Team Member at Withum. MAREJ
mong the events of this past summer, the In- ternal Revenue Service
The Statutory Transition rule provided in section 13402(c)(2) of the Tax Cuts and Jobs Act has been updated, extending the original measuring period ending between April 1, 2020 and March 31, 2021 to March 31, 2021, thereby affording additional time to complete projects and satisfy the quali- fied rehabilitation expendi- tures test. Those rehabilitation credit projects falling within the above window now have the opportunity to have mea- suring periods longer than the typical 24 or 60 months. As per the transition rule, the 24- or
Credit in the year a property is placed in service instead of spreading the credit claim over 5 years. To be eligible, the project must be placed in service by December 31, 2021 and meet the March 31, 2021 deadline requirements men- tioned above. Taxpayers now have the opportunity to com- plete projects, pass required tests and still qualify under the transition rule. Except as noted above, all requirements of Section 47 still continue to apply. The 10 per- cent credit has been repealed but there are still modified
i ssued No - tice 2020-58, which gives taxpayers ad- ditional time t o deve l op pro j ec ts in r ega rds t o Historic Tax Credits. Re-
Christopher Suto
lief has been provided and this notice extends the measuring period used in satisfying the substantial rehabilitation test requirements.
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