The Internal Revenue Services (IRS) has issued an updated Draft Form 3468 and Draft Instructions for the 2018 tax year.  This is the form that taxpayers must submit in order to claim the federal historic tax credit, as well as several other investment and energy credits. Notably, the form answers a significant question coming out of tax-reform — when the Historic Credit was amended to be claimed “ratably” over 5 years. The form indicates that post-2017 historic credits projects not covered by the transition rules will claim the the credit at a rate of 4 percent per year over five years, beginning with the year placed in service. Prior to tax reform, the historic credit was claimed when the project was placed in service. A final release of this form is expected later this month and it is possible, though unlikely, that the draft form and its instructions could be changed