WASHINGTON – March 11, 2015
The Senate Finance Committee today announced that its tax reform working groups are seeking comments from the public as they work to advance tax reform efforts in the 114th Congress. The five working groups are community development and infrastructure; business income tax; individual income tax; international tax; and savings and investment. The community and infrastructure group’s jurisdiction includes the low-income housing tax credit (LIHTC), the new markets tax credit (NMTC) and the historic tax credit (HTC). The business tax reform group’s jurisdiction includes renewable energy tax credits (RETCs). Comments will be accepted through April 15.
Tune into the March 17 episode of the Tax Credit Tuesday podcast for more information.
WASHINGTON – March 4, 2015
The Community Development Financial Institutions (CDFI) Fund is scheduled to publish tomorrow a notice inviting public comment on its proposed annual assessment evaluation for the CDFI Bond Guarantee program. The proposed reporting form allows certified CDFIs to demonstrate their ability to deploy long-term debt successfully with reporting requirements similar to those required of regulated financial institutions, to provide an accurate assessment of certified CDFI credit risk and to provide capital markets with a record of accomplishment that can be used in future lending and investment. The proposed assessment would only apply to eligible CDFIs participating in the CDFI Bond Guarantee program and to qualified issuers that have issued bonds under the program in fiscal year 2015 or later. Written comments are due on or before May 4, 2015.
Tune in to the March 10 Tax Credit Tuesday podcast to learn more about the proposed assessment requirements.
WASHINGTON – Feb. 10, 2015
Reps. Pat Tiberi, R-Ohio, Richard Neal, D- Mass., and Tom Reed, R-N.Y., today introduced the New Markets Tax Credit Extension Act of 2015 to permanently extend the New Markets Tax Credit (NMTC). The legislation would also provide an annual inflation adjustment and allow the NMTC to be taken against alternative minimum tax liability. If the bill is enacted in 2015, Novogradac & Company LLP estimates that about $4.8 billion in allocation authority would be available. Sens. Roy Blunt, R-Mo., and Charles Schumer, D-N.Y., are expected to introduce companion legislation in the Senate soon.
Tune into the Feb. 17 episode of the Tax Credit Tuesday podcast for more information.
WASHINGTON – Feb. 2, 2015
In its proposed budget for fiscal year (FY) 2016, the Obama administration proposes to permanently reauthorize the New Markets Tax Credit (NMTC) program in 2016 and requests $5 billion of allocation authority per year, as well as authority to offset alternative minimum tax (AMT) liability. The budget also proposes a new Manufacturing Communities Tax Credit (MCTC), with $2 billion in tax credit authority in each of three years through 2018. The proposal would also allow the Community Development Financial Institutions (CDFI) Bond Guarantee program to continue operating with a cap of $1 billion per year, but with no budgetary cost for new issuances.
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.
WASHINGTON – Jan. 5, 2015
The Community Development Financial Institutions (CDFI) Fund last week issued an update to its “New Markets Tax Credit Certification, Compliance Monitoring and Evaluation Frequently Asked Questions.” It supersedes the September 2011 edition of the document. Updated topics include dissolving subsidiaries, terminating allocation agreements and restrictions on the use of bond proceeds under the CDFI Bond Guarantee Program in activities related to the new markets tax credit (NMTC).
Tune into the Jan. 6 Tax Credit Tuesday podcast to learn more.
WASHINGTON – Dec. 19, 2014
President Barack Obama today signed “The Tax Increase Prevention Act of 2014” (H.R. 5571), a tax incentives bill that retroactively extends through the end of 2014 most temporary tax provisions that expired at the end of 2013. The one-year extension act passed the Senate earlier this week by a vote of 76-16. The House passed the legislation 378-46 on Dec. 3.
WASHINGTON – Dec. 17, 2014
The U.S. Senate on Tuesday night passed “The Tax Increase Prevention Act of 2014” (H.R. 5771), a tax incentives bill that retroactively extends for one year–through the end of 2014–most temporary tax provisions that expired at the end of 2013. The bill was passed with a vote of 76-16 and will become law when signed by President Barack Obama. The House passed the legislation 378-46 on Dec. 3.