California Extends Placed In Service Deadlines

The California Tax Credit Allocation Committee (TCAC) is granting projects with 2018 and 2019 carryover allocations a six-month extension of their respective placed in service deadlines. Projects with a 2018 carryover allocation have a placed in-service deadline of June 30, 2021. Projects with a 2019 carryover allocation have a placed in-service deadline of June 30, 2022. For projects that will receive a 2020 carryover allocation, TCAC is seeking guidance from the IRS and is not able to grant placed in service extensions at this time. TCAC has contacted the IRS for guidance regarding the applicability of FEMA 4482-DR to 2020 carryover allocations made after the disaster declaration date and will provide updated guidance when this information becomes available.