WASHINGTON – March 2, 2015
The National Park Service (NPS) on Saturday released its Federal Tax Incentives for Rehabilitating Historic Buildings Annual Report for Fiscal Year 2014 and a supplementary Statistical Report and Analysis for Fiscal Year 2014. According to the reports, NPS approved 1,156 proposed projects worth $5.98 billion in rehabilitation work in fiscal year (FY) 2014. Completed projects certified in FY 2014 created an estimated 77,762 jobs, and more than 50 percent of completed projects certified in FY 2014 used both federal and state historic tax credits.
Tune into the March 10 Tax Credit Tuesday podcast to hear more about the reports’ findings.
WASHINGTON – Feb. 2, 2015
The Internal Revenue Service (IRS) last week issued Chief Counsel Advice Memorandum 201505038, which addresses the amount of additional income required to be recognized by a lessee in a historic tax credit (HTC) transaction using a lease pass-through structure. The memorandum states that the additional income, often known as 50(d) income, is 100 percent of the credit allowable. There had been some question as to whether 50(d) income is based on 50 percent or 100 percent of the allowable credit.
Tune into the Feb. 3 episode of the Tax Credit Tuesday podcast for more information.
WASHINGTON – Jan. 15, 2015
Senate Finance Committee Chairman Orrin Hatch, R-Utah, and Ranking Member Ron Wyden, D-Ore., today announced the co-chairs of the five working groups they created to advance tax-reform efforts in the 114th Congress. The groups will work with the Joint Committee on Taxation (JCT) to review current tax law, analyze available reform options and produce a comprehensive report that can serve as a foundation for bipartisan tax reform legislation. The report is expected to be released by the end of May.
The five working groups are community development and infrastructure, co-chaired by Sens. Dean Heller, R-Nev., and Michael Bennet, D-Colo.; business income tax, co-chaired by Sens. John Thune, R-S.D., Ben Cardin, D-Md.; individual income tax, co-chaired by Sens. Chuck Grassley, R-Iowa, Mike Enzi, R-Wyo., and Debbie Stabenow, D-Mich.; international tax, co-chaired by Rob Portman, R-Ohio, and Chuck Schumer, D-N.Y.; and savings and investment, co-chaired by Sens. Mike Crapo, R-Idaho, and Sherrod Brown, D-Ohio. The community and infrastructure group will encompass the low-income housing tax credit (LIHTC), the new markets tax credit (NMTC) and the historic tax credit (HTC), and the business tax reform group will encompass renewable energy tax credits (RETCs).
Tune into the Jan. 20 episode of the Tax Credit Tuesday podcast for more information.
Camp Introduces Tax Reform Legislation; Senate Finance Committee GOP Staff Releases Tax Reform Report
WASHINGTON – Dec. 11, 2014
Today House Ways and Means Committee chairman Rep. Dave Camp, R-Mich., officially introduced H.R. 1, the Tax Reform Act of 2014. Camp’s legislation proposes formalizing the tax reform discussion draft released last February. It retains the low-income housing tax credit (LIHTC), doesn’t mention the new markets tax credit (NMTC) and proposes the repeal of the historic tax credit (HTC) and renewable energy tax credits (RETCs). Camp called for the legislation to “spur further action” during the 114th Congress, which begins in January.