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Stakeholders Urge Congress to Extend Tax Credits

WASHINGTON – Nov. 18, 2014

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Hundreds of tax credit advocates have recently sent sign-on letters to Congress, urging lawmakers to extend expired or expiring tax credits during the lame-duck session. In sign-on letters addressed to the House of Representatives and the Senate, more than 500 organizations asked Congress to extend seamlessly, enhance or make permanent the expired and expiring tax provisions. That letter said that failure to extend the provisions would effectively act as a tax increase and would inject instability and uncertainty into the economy.

Affordable Rental Housing ACTION (A Call to Invest in Our Neighborhoods) sent its own letter to Congress, urging an extension of the 9 percent low-income housing tax credit (LIHTC) minimum rate for new construction and substantial rehabilitation and the 4 percent LIHTC minimum for acquisition of affordable housing. The letter called for the floor rates to be made permanent, but said an extension for at least two years would strengthen the credit at virtually no cost to taxpayers. It featured signatures from a coalition of more than 900 national, state and local stakeholders.

Meanwhile, more than 1,500 organizations, including businesses, nonprofits and investors, signed a letter from the New Markets Tax Credit Coalition, urging Congress to extend the new markets tax credit (NMTC). The coalition letter argued that the economic activity spurred by NMTC investments has generated enough tax revenue to cover the cost of the program.

Tune into the Nov. 25 episode of the Tax Credit Tuesday podcast to learn more.

Stakeholders Urge CRA Guidance for HTC Investments

WASHINGTON – Nov. 18, 2014

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A group of 168 businesses, investors, nonprofit organizations and community leaders earlier this month sent a letter to federal bank regulators, urging them to expand and clarify the circumstances under which a federal historic tax credit (HTC) investment qualifies for Community Reinvestment Act (CRA) credit. Signatories asked that HTC transactions be automatically eligible for CRA credit if they are investments in low- and moderate-income areas that are designated economic development districts and have support from the local redevelopment agency. The letter argued that the HTC attracts private investments that can stabilize and revitalize economically underserved communities.

The letter was written in response to an invitation for public comment regarding proposed revisions to the Interagency Questions and Answers Regarding Community Reinvestment by the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency.

Tune into the Nov. 25 episode of the Tax Credit Tuesday podcast to learn more.

Amendments Made to Texas HTC Program

WASHINGTON – Nov. 17, 2014

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The Texas Historical Commission last week adopted amendments to clarify the type of entities that may apply for the state’s franchise tax credit for rehabilitation of a historic building. The amendments include a provision that specifies that non­profit and governmental entities may apply for the credit along with entities that are subject to the franchise tax. The amendments to the program regulations allow for separate ownership of the land and the structure on it, and certain leaseholds in the structure, to reflect similar standards for eligibility of projects un­der the federal rehabilitation tax credit program. The amendments become effective Nov. 20.

Tune into the Nov. 25 episode of the Tax Credit Tuesday podcast to learn more.

California Governor Vetoes State HTC

SACRAMENTO- Calif. – Sept. 30, 2014

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California Gov. Jerry Brown yesterday vetoed A.B. 1999, a bill to create a state historic rehabilitation tax credit (HTC). In his veto message, Brown said that he supported the bill’s goals, but that its $400 million cost should be weighed against other priorities during the state budget process. Tune in to today’s Tax Credit Tuesday podcast to learn more.

California Legislature Passes State HTC Bill

WASHINGTON – Sept. 8, 2014

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The California State Legislature passed a bill Aug. 27 that would establish a state historic rehabilitation tax credit (HTC). A.B. 1999 would provide a 20 percent tax credit for qualified rehabilitation expenditures to historic structures, or a 25 percent credit if the historic project is located on federal or state surplus property; includes affordable housing; is located in a designated census tract; is part of a military base reuse authority; or is a transit-oriented development. The bill would authorize $50 million annually from calendar year 2015 through 2022, including a $10 million set-aside for projects with less than $1 million in qualified rehabilitation expenditures. It’s expected the bill will be sent to Gov. Jerry Brown shortly for his consideration; the deadline for Brown to sign the bill is Sept. 30.  

Tune into the Sept. 9 Tax Credit Tuesday Podcast to hear more about the bill.

Wisconsin HTC Moratorium Lifted

WASHINGTON – July 16, 2014

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Wisconsin Gov. Scott Walker recently announced that the Wisconsin Economic Development Corporation (WEDC) will lift the moratorium on the Historic Preservation Tax Credit program. The moratorium was placed on the state credit June 23 because of higher than expected demand for the credit. WEDC will also begin collecting additional information under the Historic Preservation Tax Credit program with regards to the return on investment to the state, including projected employment, wages, leverage of investment, local participation, tax impact and other relevant information.

Tune in to next week’s Tax Credit Tuesday podcast to learn more.

National Trust Releases HTC Impact Report

WASHINGTON – July 1, 2014

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The National Trust for Historic Preservation recently released The Federal Historic Tax Credit: Transforming Communities report. The report examines how the historic tax credit (HTC) program has created private capital and jobs, rehabilitated historic structures and revitalized communities across the country. It also specifically examines the HTC’s effect on six cities: Macon and Atlanta, Ga.; Baltimore and Silver Spring, Md.; and Ogden and Salt Lake City, Utah.

Check out the August issue of the Novogradac Journal of Tax Credits to learn more about the report.

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