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Obama Signs Two-Year Budget Legislation

WASHINGTON – Nov. 2, 2015

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President Barack Obama today signed the Bipartisan Budget Act of 2015. The legislation suspends the debt limit through March 2017 and lifts spending limits through September 2017. The deal raises sequestration caps and increases discretionary spending by about $50 billion in fiscal year (FY) 2016 and $30 billion in FY 2017, split evenly between defense and domestic spending. Congress passed the legislation last week with votes of 64-35 in the Senate and 266-167 in the House.

Read about the bill’s implications for tax credit partnerships on the Notes from Novogradac blog.



IRS, Treasury Seek Comments on Energy Property Definitions

WASHINGTON – Oct. 2, 2015

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The Department of the Treasury and the Internal Revenue Service (IRS) today invited comments on how to define certain types of properties that qualify for the renewable energy investment tax credit (ITC). The IRS and Treasury Department anticipate issuing regulations that include the definition of various types of property. Comments must be received by Feb. 16, 2016.

For more information, tune in to the Oct. 13 Tax Credit Tuesday podcast.


Congress Passes Stopgap Spending Bill

WASHINGTON – Sept. 30, 2015

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Congress today passed a stopgap spending bill that will keep the federal government funded through Dec. 11. The Senate passed the bill this morning with a vote of 78-20 and the House later approved it 277-151.  President Barack Obama is expected to sign the bill today. To avoid a government shutdown, a stopgap spending bill needs to be passed before the start of the 2016 fiscal year (FY) Thursday.

Bill Introduced to Temporarily Extend, Then Replace ITC, PTC

WASHINGTON – Sept. 22, 2015

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Sens. Harry Reid, D-Nev., Chuck Schumer, D-N.Y., and Ron Wyden, D-Ore., today introduced the American Energy Innovation Act. Among other things, the bill would extend the current renewable energy investment tax credit (ITC) and production tax credit (PTC) through Dec. 31, 2017. The current credits would then be replaced with a new, technology-neutral 30 percent ITC and PTC at 2.3 cents per KWh that would phase out when reduced greenhouse gas emission targets are achieved. The bill would also revise the energy efficient homes incentives for new and existing buildings, including Sections 45L and 179D, to provide performance-based incentives based on energy savings. A section-by-section description and tax summary are available.

IRS Releases 2015-2016 Priority Guidance Plan

NORWICH, Conn. – July 31, 2015

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The Internal Revenue Service (IRS) today released its 2015-2016 Priority Guidance Plan and fourth-quarter update to the 2014-2015 guidance plan. The 2015-2016 Priority Guidance Plan contains 277 projects, 40 projects fewer than the original version of last year’s document. The IRS said that some items that were removed may be considered for inclusion in a future plan. Compared to a previous version, Treasury removed the following priorities: update Rev. Proc. 2007-54, which provides relief under Section 42 in the case of a presidentially declared disaster; provide guidance concerning the exception under Section 42(d)(6) for any federally or state-assisted building; and clarify Notice 2013-26 and Notice 2013-60 regarding how to establish the beginning of construction of a facility under Section 45(d), as modified by the American Taxpayer Relief Act of 2012. Treasury added a priority to modify Notice 2015-4 by providing a revised effective date of the performance and quality standards for certain small wind energy property under Section 48.

Tune in to the Aug. 4 Tax Credit Tuesday podcast for more information.

Senate Finance Committee Announces Tax Extenders Markup

WASHINGTON – July 17, 2015

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Senate Finance Committee Chairman Orrin Hatch, R-Utah, and Ranking Member Ron Wyden, D-Ore., today announced that the committee will mark up a tax extenders bill Tuesday. The chairman's mark of the bill included extending the following provisions through the end of 2016: the minimum applicable percent of the 9 percent low-income housing tax credit (LIHTC) (for allocations made before Jan. 1, 2017); the new markets tax credit (NMTC) at $3.5 billion annually; the Section 45L energy efficient home credit; the Section 179D energy-efficient commercial buildings deduction; and the ability to claim the renewable energy investment tax credit (ITC) in lieu of the production tax credit (PTC). A minimum 4 percent applicable percentage for LIHTCs used to finance the acquisition of property is not included, but could be added in a modified chairman's mark expected for release Tuesday. Estimated revenue effects of the chairman's mark can be found here and a summary of the provisions can be found here.

Tune in to the July 21 Tax Credit Tuesday podcast for more information.

IRS Issues Update on Qualifying Date for Energy Properties

NORWALK, Conn. – July 14, 2015

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The Treasury Department and the Internal Revenue Service (IRS) on Monday published Notice 2015-51 to provide performance and quality standards that small wind energy property must meet to qualify for the renewable energy investment tax credit (ITC) or production tax credit (PTC). The notice modifies Notice 2015-4 by providing a revised effective date for certain small wind energy property that meets performance and quality standards.

Tune in to the July 21 episode of the Tax Credit Tuesday podcast for more information on the notice.

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