The Internal Revenue Service (IRS) published an updated frequently asked questions (FAQ) document concerning the Federal Historic Tax Credit (HTC). The questions addressed what types of entities can claim the HTC, how and when the HTC can be claimed on a tax return key program definitions, qualified rehabilitation expenditures, basis and several other key aspects surrounding HTC. The FAQ provides a quick overview of the HTC incentive, as well as references to the relevant sections of the Internal Revenue Code, key Treasury Regulations and other IRS guidance. The IRS emphasized that the answers do not constitute legal authority and may not be relied upon as such. They do not amend, modify or add to the income tax regulations or any other legal authority.