Low-Income Housing Tax Credits:
News Archive
2008
July
LOUISIANA AGENCY ANNOUNCES LIGHTNING ROUND FOR LIHTCS
BATON ROUGE, La.- July 22, 2008
The board of commissioners of the Louisiana Housing Finance Agency (LHFA) approved the implementation of a "Lightning Round" to allocate returned Gulf Opportunity (GO) Zone and per capita low-income housing tax credits (LIHTC) currently available in calendar year 2008. LHFA says there are approximately $11.1 million in GO Zone credits available for projects located in the GO Zone and $6 million in per capita LIHTCs available that will be awarded only to projects outside of the GO Zone. Any additional credits returned or recaptured before the end of calendar year 2008 will be offered to applicants participating in the Lightning Round. Additionally, the Office of Community Development and the Louisiana Recovery Authority have indicated that as much as $90 million in Community Development Block Grant (CDBG) funds may be available to fund financing gaps for projects located in the GO Zone. Click here for a memo containing detailed information about the tax credit allocation plan for the remaining GO Zone and per capita credits. LHFA has also published a list of frequently asked questions about the Lightning Round.
GAO REPORTS ON GO ZONE TAX INCENTIVES
WASHINGTON, D.C.- July 16, 2008
As of mid-June 2008, eligible states had allocated 87 percent of available Gulf Opportunity (GO) Zone private activity bond authority, and state housing finance authorities had awarded 95 percent of the GO Zone low-income housing tax credits (LIHTCs), according to a report issued today by the Government Accountability Office (GAO). GAO also reports that GO Zone LIHTC-funded units will address about 17 percent and 45 percent of the rental housing units with major or severe damage in the states of Louisiana and Mississippi, respectively. The report identifies tax incentives in the GO Zone Act of 2005 and in subsequent legislation; describes the procedures state governments use in allocating the tax incentives; and describes how tax incentives have been allocated and for what purposes.
SENATE PASSES HOUSING STIMULUS WITH LIHTC PROVISIONS
WASHINGTON, D.C.- July 11, 2008
The Senate, on a vote of 63-5, today passed H.R. 3221, the American Housing Rescue and Foreclosure Prevention Act. The bill is a package of housing stimulus measures that combines a number of bipartisan amendments, including measures that would modernize the low-income housing tax credit (LIHTC) program. Among other things, the bill provides a 20-cent per capita LIHTC cap increase for 2008 and 2009 and increases the small state LIHTC minimum by 10 percent for those years. The housing stimulus bill will now be sent to the House of Representatives where lawmakers are expected to take it up shortly.
The Senate-approved version of H.R. 3221 will be posted online at www.taxcredithousing.com. Additional details about the housing stimulus package will also be discussed in the Novogradac Report on Tax Credits podcast on July 15.
IRS PROVIDES LIHTC RELIEF FOR DISASTER VICTIMS IN WISCONSIN
WASHINGTON, D.C.- July 2, 2008
The Internal Revenue Service today announced in Notice 2008-61 that it will suspend certain requirements under Section 42 of the Internal Revenue Code for certain low-income housing tax credit (LIHTC) properties in the United States as a result of the devastation caused by severe storms, tornadoes and flooding in Wisconsin beginning on June 5, 2008. Click here for more information.
June
IRS TO WAIVE SOME LIHTC RULES FOR VICTIMS OF FLOODING IN INDIANA, IOWA
WASHINGTON, D.C.- June 19, 2008
The Internal Revenue Service (IRS) today announced that it will temporarily suspend certain limitations for qualified low-income housing tax credit (LIHTC) projects located anywhere in the states of Indiana and Iowa in an effort to expand the availability of housing for disaster victims and their families. Owners of LIHTC properties in those states will be allowed to provide housing to victims of recent storms and flooding under guidance that will be set forth in formal notices, which the IRS says will be issued shortly. The IRS says it will continue to monitor closely the housing situation in other states affected by the recent flooding and is prepared to act quickly as circumstances warrant. Click here for more information.
SENATE TO CONSIDER LIHTC PROVISIONS IN HOUSING STIMULUS BILL
WASHINGTON, D.C.- June 19, 2008
Senate Finance Committee Chairman Max Baucus, D-Mont., and Ranking Member Chuck Grassley, R-Iowa, yesterday announced that they would offer tax measures as part of a larger amendment to H.R. 3221 in cooperation with the Senate Banking Committee. The Baucus-Grassley proposal represents an agreement between House and Senate negotiators on the tax provisions that will be included in a final housing stimulus package. Reports indicate that negotiations continue on other, non-tax portions of the bill, which lawmakers are working to pass before July 4. The Baucus-Grassley package includes provisions to temporarily increase the cap for federal low-income housing tax credits (LIHTCs) and simplify the technical rules relating to the LIHTC and tax-exempt housing bonds. Click here for more information about the Baucus-Grassley tax provisions, or visit the Legislation page to review related legislation.
Novogradac & Company LLP will continue to follow the progress of the housing stimulus package and provide updates online at www.taxcredithousing.com and in the weekly Tax Credit Tuesday podcast.
NEW DIRECTOR NAMED FOR SAN FRANCISCO HOUSING AUTHORITY
SAN FRANCISCO, Calif.- June 13, 2008
San Francisco Mayor Gavin Newsom yesterday announced the appointment of Henry A. Alvarez III as the new executive director of the San Francisco Housing Authority (SFHA). Alvarez, who was profiled in the June 2008 issue of the Journal of Tax Credit Housing, is a seasoned housing professional with 20 years of management and leadership experience. For the past four years, Alvarez served as the president and chief executive officer of the San Antonio Housing Authority. Prior to his time in San Antonio, Alvarez served in several roles at housing agencies in Oregon and San Diego. He is scheduled to begin his new post at SFHA on July 14.
HUD PUBLISHES PROPOSED 2009 FAIR MARKET RENTS
WASHINGTON, D.C.- June 12, 2008
The U.S. Department of Housing and Urban Development (HUD) today published proposed fair market rents (FMRs) for fiscal year 2009. FMRs are used to determine payment standard amounts for the Housing Choice Voucher program, project-based Section 8 contracts and housing assistance payments (HAP) contracts in the moderate rehabilitation Single Room Occupancy (SRO) program. HUD will accept public comments on the proposed FMRs through August 1, 2008.
Analysis of the proposed 2009 FMRs will be published in the July issue of Novogradac's Property Compliance Report. To learn more about fair market rents and other compliance topics, join us for the LIHTC Property Compliance Workshop on September 10-11 in San Francisco.
SENATE CONFIRMS PRESTON AS HUD SECRETARY
WASHINGTON, D.C.- June 5, 2008
The Senate yesterday voted unanimously to confirm Steven Preston to serve as the Secretary of the U.S. Department of Housing and Urban Development. Click here to read President George W. Bush's statement about Preston's confirmation.
To learn more about Preston, tune in to the Novogradac Report on Tax Credits podcast. In the June 10 broadcast, Michael J. Novogradac, CPA, will discuss highlights of the Senate Banking Committee hearing about Preston nomination.
May
IRS RULING PROVIDES GUIDANCE FOR USING ENERGY TAX CREDITS IN BOND-FINANCED HOUSING PROJECTS
WASHINGTON, D.C.- May 21, 2008
A recent private letter ruling (PLR) published by the Internal Revenue Service (IRS) provides guidance to affordable housing developers regarding how to structure bond-financed projects to maximize renewable energy investment tax credits available under Section 48 of the Internal Revenue Code. In PLR 200820011, the IRS ruled that no reduction in investment credit basis was required for solar equipment placed in a tax-exempt bond-financed affordable housing project where: bond loan documentation prohibited the use of bond loan proceeds to finance the solar equipment; the bond proceeds were not actually used to finance the solar equipment; and the solar equipment did not serve as collateral for the bond loan.
Learn more about this ruling next week in the Novogradac Report on Tax Credits, a weekly podcast presented on Tax Credit Tuesdays.
HOUSE PASSES HOUSING STIMULUS LEGISLATION
WASHINGTON, D.C.- May 8, 2008
The House today passed H.R. 3221, the American Housing Rescue and Foreclosure Prevention Act. The House bill would create a first-time home buyer tax credit, modernize the Federal Housing Administration, provide comprehensive reform for housing government sponsored enterprises Fannie Mae and Freddie Mac and make significant enhancements to the low-income housing tax credit (LIHTC) and tax-exempt housing bond programs to increase their effectiveness. The Senate approved a different housing stimulus package last month, and the two bills will likely now be reconciled in conference.
Learn what these developments may mean for affordable housing investors, developers and owners at Novogradac & Company LLP's Credit and Bond Financing Conference on May 15-16 in New Orleans, La.
HUD MAKES $1 BILLION IN GRANTS AVAILABLE THROUGH 35 PROGRAMS
WASHINGTON, D.C.- May 8, 2008
The U.S. Department of Housing and Urban Development (HUD) yesterday published its fiscal year 2008 "SuperNOFA," an annual funding notice that makes available more than $1 billion in grants through 35 programs. HUD says it will offer an additional $1.5 billion in homeless grants later in the year through a new electronic application process. To make funding opportunities available to the public as soon as possible, HUD posted its SuperNOFA electronically through www.grants.gov in advance of the Federal Register publication, which is scheduled for May 12, 2008.
CALIFORNIA HOUSING FINANCE AGENCY RELEASES ANNUAL REPORT
SACRAMENTO, Calif.- May 1, 2008
There are more than 232,000 LIHTC units in California, according to the California Tax Credit Allocation Committee's (TCAC's) 2007 Annual Report on the Allocation of Federal and State Low Income Housing Tax Credits in California. In 2007, TCAC awarded nearly $75.9 million in competitive 9 percent federal LIHTCs to 70 proposed housing projects. In addition, $71 million in state tax credits were awarded to 19 competitive 9 percent projects, and $23.4 million state LIHTCs were allocated to nine projects receiving 4 percent LIHTCs with tax-exempt bonds. TCAC expects that 4,424 affordable housing units will be built using 9 percent tax credits awarded in 2007, bringing the total aggregate number of affordable units awarded credit in the competitive, 9 percent program in California to 104,901. Including tax-exempt bond financed projects, TCAC has assisted 232,550 total affordable units with LIHTCs since the program's inception in 1987.
April
HUD ANNOUNCES AVAILABILITY OF RURAL HOUSING AND ECONOMIC DEVELOPMENT PROGRAM FUNDS
WASHINGTON, D.C.- April 28, 2008
The U.S. Department of Housing and Urban Development (HUD) in today's Federal Register published its notice of funding availability (NOFA) for the fiscal year (FY) 2008 Rural Housing and Economic Development Program. Because HUD is required by statute to competitively award RHED assistance by September 1, 2008, HUD decided to publish this NOFA separately and in advance of its FY 2008 Notice of Funding Availability for HUD's Discretionary Programs (SuperNOFA) in an effort to provide potential applicants additional time to prepare and submit their applications. The deadline for applications is May 30, 2008; applications submitted through http://www.grants.gov must be received and validated by Grants.gov no later than 11:59:59 (EDT) on May 30, 2008. HUD warns in today’s NOFA that the validation process may take up to 72 hours. Click here for more information.
BUSH TO NOMINATE SBA CHIEF STEVE PRESTON TO HEAD HUD
WASHINGTON, D.C.- April 18, 2008
President George W. Bush today announced his intention to nominate Steve Preston to serve as the next Secretary of Housing and Urban Development (HUD). Preston is currently head of the Small Business Administration (SBA), a position for which he was unanimously confirmed by the Senate in July 2006. Click here for more information.
IRS INVITES COMMENTS ON LIHTC REGULATIONS
WASHINGTON, D.C.- April 15, 2008
The Internal Revenue Service (IRS) today invited comments concerning an existing final regulation, PS-62-87 (TD 8302), Low-Income Housing Credit for Federally-Assisted Buildings. This regulation provides state and local low-income housing tax credit (LIHTC) agencies and owners of qualified low-income buildings with guidance regarding compliance with the waiver requirement of section 42(d)(6) of the Internal Revenue Code (IRC). The regulation requires documentary evidence of financial distress leading to a potential claim against a federal mortgage insurance fund in order to get a written waiver from the IRS for the acquirer of the qualified low-income building to properly claim the LIHTC. No changes are being made to the regulation at this time and comments will be accepted until June 16.
The LIHTC program will be discussed at the Credit and Bond Financing Conference on May 15-16 in New Orleans, La.
SENATE PASSES HOUSING STIMULUS LEGISLATION
WASHINGTON, D.C.- April 10, 2008
The Senate today passed legislation intended to help reduce foreclosures and support the housing sector through new tax incentives by a vote of 84-12. H.R. 3221, the Foreclosure Prevention Act of 2008, was approved after legislators added an amendment to extend renewable energy tax credits. Unlike a separate package approved yesterday by the House Ways and Means Committee, the Senate’s housing stimulus package does not include any provisions related to the low-income housing tax credit (LIHTC).
To learn more about the different stimulus plans being considered in Congress, download the April 8 Novogradac Report on Tax Credits podcast.
HOUSE COMMITTEE ON WAYS AND MEANS PASSES H.R. 5720
WASHINGTON, D.C.- April 9, 2008
The U.S. House of Representatives Committee on Ways and Means today passed the Housing Assistance Tax Act of 2008. H.R. 5720 was introduced yesterday by House Ways and Means Committee Chairman Charles B. Rangel, D-N.Y., and features several provisions to modify the low-income housing tax credit (LIHTC), including a temporary increase in the LIHTC per capita authority from $2.00 to $2.20. The legislation also confronts the issue of income limits in 2009 by providing LIHTC projects held harmless in 2007 and 2008 with an adjustment equal to the nominal increase in area median income (AMI). The legislation is intended to simplify the housing credit program and provide increased flexibility, efficiency and preservation opportunities. H.R. 5720 includes changes from the version distributed yesterday by Novogradac & Company LLP and the Affordable Housing Tax Credit Coalition. Click here for more information and related documents.
A webcast of today's House Ways and Means Committee meeting is available here. To hear the background on the bill and to follow its progress in Congress, tune in to the Novogradac Report on Tax Credits, a weekly podcast presented each Tuesday.
RANGEL INTRODUCES HOUSING ASSISTANCE TAX ACT
WASHINGTON, D.C.- April 8, 2008
House Committee on Ways and Means Chairman Charles B. Rangel, D-N.Y., today introduced the Housing Assistance Tax Act of 2008, a bill that features several provisions to modify the low-income housing tax credit (LIHTC). Among those provisions is a temporary increase in LIHTC authority from $2 per capita by an additional 20 cents. The legislation would also temporarily increase mortgage revenue bond authority to allow for the issuance of an additional $10 billion of tax-exempt bonds to refinance subprime loans, provide loans to first-time homebuyers and to finance the construction of low-income rental housing. The measure will be considered by the Ways and Means Committee tomorrow and by the full House of Representatives in the coming weeks. Click here for a summary of the bill and the estimated revenue effects.
To hear the background on the bill and to follow its progress in Congress, tune in to the Novogradac Report on Tax Credits, a weekly podcast presented each Tax Credit Tuesday.
Affordable housing legislation will also be discussed by industry experts at the Credit and Bond Financing Conference on May 15-16 in New Orleans, La.
TCAC ADDRESSES LIHTC PRICING UNCERTAINTY
SACRAMENTO, Calif.- April 2, 2008
In a memorandum this week the California Tax Credit Allocation Committee (TCAC) acknowledges pricing uncertainty in the low-income housing tax credit (LIHTC) market and describes how TCAC staff will view syndication letters when underwriting first round applications in light of this uncertainty. The first round of applications for LIHTCs in California is April 9.
To learn how other states' housing finance agencies are responding to current LIHTC market conditions, tune in to the April 1 and March 25 installments of the Novogradac Report on Tax Credits, a weekly podcast presented on Tax Credit Tuesdays.
A detailed examination of state housing agency responses to the LIHTC market will also be published in the May issue of the Journal of Tax Credit Housing.
March
HUD SECRETARY JACKSON RESIGNS
WASHINGTON, D.C.- March 31, 2008
U.S. Department of Housing and Urban Development (HUD) Secretary Alphonso Jackson today announced that he has resigned from his position. Jackson took office in March 2004 and his last day in office will be April 18. In a press conference this morning Jackson said he was resigning to attend to personal and family matters. Deputy HUD Secretary Roy A. Bernardi will step in after April 18 until a successor is confirmed.
Click here to watch a video recording of this morning's press conference. Click here to read a transcript of Secretary Jackson's remarks.
To learn more about this development, tune in to tomorrow's Tax Credit Tuesday podcast. We'll also discuss what this transition in HUD's leadership could mean for the affordable housing community at the Credit and Bond Financing Conference on May 15-16 in New Orleans, La.
REAC GRANTS BLANKET 30-DAY EXTENSION
WASHINGTON, D.C.- March 27, 2008
Because of computer server problems, the Office of Asset Management authorized the U.S. Department of Housing and Urban Development (HUD) Real Estate Assessment Center (REAC) to grant an automatic 30 day extension for all property owners with fiscal years that ended December 31, 2007. The extension is automatic so owners are not required to apply for it. Submissions that were previously due at the end of this month will now be accepted until April 30, 2008.
HUD PUBLISHES GENERAL SECTION OF 2008 SUPERNOFA
WASHINGTON, D.C.- March 19, 2008
The U.S. Department of Housing and Urban Development (HUD) today published a notice that attempts to provide prospective applicants for HUD competitive funding with an opportunity to become familiar with the general section of HUD's fiscal year 2008 Super Notice of Funding Availability (NOFA), in advance of its publication. Today's notice also includes a list of programs that HUD anticipates will be in the FY2008 SuperNOFA, subject to the availability of funds. HUD plans to publish its annual SuperNOFA in the spring. Click here for more information.
February
IRS RELEASES POPULATION FIGURES FOR LIHTC, BOND CALCULATIONS
WASHINGTON, D.C.- February 27, 2008
In Notice 2008-22, the Internal Revenue Service (IRS) this week released new population figures for calculating the 2008 population-based component of states' low-income housing tax credit (LIHTC) ceilings, 2008 volume caps and the 2008 volume limit. Under Revenue Procedure 2007-66, each state's LIHTC ceiling in 2008 is the greater of $2 multiplied by the state population or $2,325,000. Each state's ceiling for the volume cap for private activity bonds in 2008 is the greater of $85 multiplied by the state population or $262,095,000.
HOUSING TAX CREDIT MODERNIZATION BILL INTRODUCED IN SENATE
WASHINGTON, D.C.- February 26, 2008
Sen. Maria Cantwell, D-Wash., yesterday introduced S. 2666, a measure to amend the Internal Revenue Code of 1986 to encourage investment in affordable housing that would make several changes to the low-income housing tax credit (LIHTC) including changing its name to the Affordable Housing Tax Credit. Upon introduction, the legislation—commonly referred to as the LIHTC modernization bill—was referred to the Senate Finance Committee.
To learn more, tune in to this week's Tax Credit Tuesday podcast to hear Michael J. Novogradac, CPA, discuss the measure's provisions and its progress in Congress.
NOVOGRADAC'S RENT & INCOME LIMIT CALCULATOR UPDATED FOR 2008
SAN FRANCISCO, Calif.- February 16, 2008
Novogradac & Company LLP's Rent & Income Limit Calculator© has been updated to include the U.S. Department of Housing and Urban Development's (HUD) 2008 rent and income limit data. It is available online at www.novoco.com/products/rentincome.php with the compliments of Novogradac & Company LLP.
The Rent & Income Limit Calculator© will calculate IRS Section 42(i)(3)(A) low-income housing tax credit (LIHTC) rent and income limits for every county and for every metropolitan statistical area (MSA) in the United States. It also provides the HUD sourced 30%, 50%, and 80% income limits for a selected county; automatically calculates the LIHTC rent and income limits for any selected percentage of the area median income (AMGI) for the selected county; and allows users to select parameters to calculate rent and income limits for other affordable housing programs.
The Rent & Income Limit Calculator© has also been updated to allow users to:
- choose which bedroom sizes are displayed (the default setting displays results for all bedroom sizes).
- choose which income or rent levels are displayed on the 10 year historical charts.
Novogradac & Company LLP's Rent & Income Limit Calculator© on CD-Rom is also being updated for professionals in the field.
HUD RELEASES INCOME LIMITS FOR 2008
WASHINGTON, D.C.- February 14, 2008
The U.S. Department of Housing and Urban Development (HUD) yesterday released income limits for 2008. Click here for links to median family income, income limits and accompanying information and tables.
HUD again implemented its "hold harmless" policy in areas where income limits decreased; the policy prevents low-income housing tax credit (LIHTC) rents from falling below last year's levels. According to HUD's Income Limits Briefing Materials, income limits were maintained at last year’s level in 637 of 2,043 non-metropolitan areas and 190 out of 532 metropolitan areas. Click here to learn more about the effect of static rent and income levels on LIHTC and tax-exempt bond housing. Additional analysis will also be available in the March issue of the Novogradac Property Compliance Report and the Novogradac Journal of Tax Credit Housing.
Novogradac & Company LLP is currently updating its Rent & Income Limit Calculator© to include 2008 data. Subscribers to the free Industry Alert E-mail service will receive an email announcement when we have completed the update.
To discuss the latest changes to the rent and income limits, join Novogradac & Company LLP at the next LIHTC Property Compliance Workshop, May 15 - 16, 2008 in New Orleans, La.
BUSH SIGNS ECONOMIC STIMULUS MEASURE
WASHINGTON, D.C.- February 13, 2008
President George W. Bush today signed the Economic Stimulus Act of 2008, calling it a "booster shot" for the American economy. The package includes tax rebate checks for individuals, incentives for business investment, and an increase in conforming and Federal Housing Administration (FHA) loan limits.
One of the incentives for business investment would allow businesses to deduct 50 percent of the cost of qualifying property placed in service in 2008. Under this provision, owners of a low-income housing tax credit (LIHTC) property placed in service in 2008 may be able to deduct up to 50 percent of the cost of personal property and land improvements. Click here for Novogradac & Company LLP's analysis of the availability of the bonus depreciation for LIHTC properties.
The economic stimulus package and its provisions, as well as the possibility that additional stimulus legislation could be introduced, will a topic of discussion at Novogradac & Company LLP's upcoming conferences.
OCC REPORT DESCRIBES THE LIHTC FOR BANK INVESTORS
WASHINGTON, D.C.- February 7, 2008
The Office of the Comptroller of the Currency (OCC) today published a Community Developments Insights report that describes how the low-income housing tax credit (LIHTC) program is used to develop affordable rental housing and the major considerations facing bank investors who invest in these credits. The Insights report describes the fundamentals of LIHTCs with a particular focus on topics of interest to community bankers new to the program. The report examines the primary risks and regulatory considerations associated with investments in individual projects receiving LIHTCs as well as investments in funds comprising multiple projects. It also describes how such investments would be considered in a bank’s Community Reinvestment Act (CRA) examination. The OCC says that during the past decade, national banks have invested more than $15 billion in affordable housing projects under the “Part 24” community development investment authority which encourages bank equity investments in activities that primarily promote the public welfare in a safe and sound manner.
January
U.S. HOUSE OF REPRESENTATIVES PASSES ECONOMIC STIMULUS ACT OF 2008
WASHINGTON, D.C.- January 29, 2008
In a move that won praise, the U.S. House of Representatives today passed a more than $150 billion economic-stimulus package that will be considered by the Senate Finance Committee tomorrow. One of the provisions of the Economic Stimulus Act of 2008 would revise subsection (k) of Section 168 of the Internal Revenue Code and create a special allowance for certain property acquired during 2008. In general, the Act would allow for bonus depreciation equal to 50 percent of the adjusted basis of qualified property for property placed-in-service on or after January 1, 2008 and before January 1, 2009, as well as for costs incurred during 2008 for property placed-in-service before January 1, 2010. Qualified property includes personal property and land improvements with a recovery period of at least 10 years, but fewer than 20 years as well as computer software and certain other property. The property must be new property. To qualify for the bonus depreciation, the taxpayer must acquire the property after December 31, 2007 and cannot have entered into a written binding contract to acquire the property prior to January 1, 2008 or after January 1, 2009. Henry M. Paulson, Jr., secretary of the U.S. Department of the Treasury, today commended House lawmakers for their quick bipartisan action and said he looked forward to similar efforts from Senate lawmakers. Click here for more information about the availability of the bonus depreciation for low-income housing tax credit (LITHC) properties.
HUD ANNOUNCES 2008 ANNUAL ADJUSTMENT FACTORS
WASHINGTON, D.C.- January 22, 2008
The U.S. Department of Housing and Urban Development (HUD) today published revised Annual Adjustment Factors (AAFs) for adjustment of Section 8 contract rents for specified programs. These AAFs apply to housing assistance payment contract anniversaries for calendar months commencing after today. Click here for more information.
IRS TO HEAR COMMENTS ON REPORTABLE TRANSACTIONS RULE
WASHINGTON, D.C.- January 18, 2008
The Internal Revenue Service (IRS) will hold a hearing regarding a proposed rule relating to the disclosure of reportable transactions under sections 6011 and 6111 of the Internal Revenue Code. These regulations propose to add the patented transactions category of reportable transaction to the regulations under Sec. 1.6011-4. The regulations also include conforming changes to the rules relating to the disclosure of reportable transactions by material advisors under section 6111. The public hearing is being held at 10 a.m. on February 21 in the auditorium of the Internal Revenue Building at 1111 Constitution Avenue, NW., Washington, D.C.
TCAC TO CONSIDER PROPOSED 2008 REGULATIONS NEXT WEEK
SACRAMENTO, Calif.- January 15, 2008
The California Tax Credit Allocation Committee (TCAC) yesterday released an update on the proposed regulations for its 2008 low-income housing tax credit (LIHTC) program. On November 21, TCAC released proposed regulation changes for program year 2008 and TCAC staff subsequently held four public hearings and accepted written public comments. Fifty-three individuals and organizations formally commented on the initial proposed changes and TCAC staff yesterday released a summary of those comments and the final recommendations it will submit for committee consideration and adoption on January 23, 2008.