WASHINGTON – Nov. 2, 2015
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.
WASHINGTON – Oct. 29, 2015
Rep. Mike Kelly, R-Pa., yesterday introduced the Historic Tax Credit Improvement Act of 2015 (H.R. 3846). The legislation would increase the historic tax credit (HTC) for certain small projects; allow credit transfers for certain small projects; increase the type of buildings eligible for rehabilitation; reduce depreciable basis adjustment for rehabilitation property; change how the federal government taxes state HTC proceeds; modify certain tax-exempt use property rules; and eliminate the concept of functionally related buildings. Original cosponsors include Reps. Earl Blumenauer, D-Ore.; Pat Tiberi, R-Ohio; Richard Neal, D-Mass.; Charles Boustany, R-La.; John Larson , D-Conn.; Mike Turner, R-Ohio; Ron Kind, D-Wis.; Charles Rangel, D-N.Y.; and Tom Reed, R-N.Y. Similar legislation is expected to be introduced in the Senate next week.
Read more about the legislation on the Notes from Novogradac blog.
ATLANTA – Oct. 13, 2015
The Georgia Department of Revenue has issued a proposed rule change for its state historic tax credit (HTC) program. The proposed rule reflects the changes enacted in H.B. 308, which expanded the tax credit program from a $300,000 ceiling to $5 million for most projects and $10 million for others that meet a higher threshold. The changes also allow for the sale or transfer of the Georgia HTCs. Comments on the proposed rule are due Nov. 17 and H.B. 308 goes into effect Jan. 1, 2016.
WASHINGTON – Sept. 30, 2015
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.
WASHINGTON – Sept. 9, 2015
The National Park Service (NPS) and Rutgers University today released the Annual Report on the Economic Impact of the Federal Historic Tax Credit for FY 2014. The report reveals that the historic tax credit (HTC) yields a net benefit to the Treasury Department, generating $28.6 billion in federal tax receipts since the program’s inception, compared to $22.6 billion in credits allocated. From fiscal years 1978 through 2014, those $22.6 billion in federal HTCs allocated spurred $117.6 billion (in inflation-adjusted 2014 dollars) in historic rehabilitation. Those investments generated about 2.5 million new jobs and billions of dollars in direct and secondary economic gains.
Join industry experts to discuss these findings and what lies ahead for the HTC community at the Novogradac Historic Tax Credit Conference in San Antonio, Sept. 17-18.
WASHINGTON – July 8, 2015
The Senate Finance Committee today released reports from its five tax reform working groups. The Community Development & Infrastructure Bipartisan Tax Working Group Report included an overview of the historic tax credit (HTC) program and estimated that HTC tax expenditures for fiscal years 2014-2018 will be $5.4 billion. The report made no recommendations regarding the HTC.
Tune in to the July 14 Tax Credit Tuesday podcast for more information.