The definition of qualified rehabilitation expenditures (QREs) is important not just for purposes of satisfying the substantial rehabilitation test. The amount of QREs determines the amount of historic tax credits a project is eligible for, meaning every additional dollar of QREs results in 20 cents more in tax credits. In this episode of Tax Credit Tuesday, Michael Novogradac, CPA, and Tom Fantin, CPA, discuss commonly overlooked QREs and costs that some developers may assume are QREs but are not.
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