News

Thursday, July 18, 2019

A coalition of nearly 1,000 solar companies sent a letter to Congress this week calling for multiyear extensions for the renewable energy investment tax credit (ITC) and the Internal Revenue Code Section 25D credit for residential energy efficient property. The Solar Energy Industries Association headlined the effort. Unless Congress acts, the 30 percent ITC will begin a phasedown at the beginning of 2020.

Thursday, July 18, 2019

The Internal Revenue Service (IRS) will publish in Friday’s Federal Register its final regulations concerning the tax treatment of lessees of investment credit property following an election under Internal Revenue Code Section 50(d)(5).

Thursday, July 18, 2019

The New Markets Tax Credit (NMTC) Coalition today released its annual report on the NMTC, which includes a survey of community development entities (CDEs). The “New Markets Tax Credit Progress Report” says that the surveyed CDEs used $3.2 billion in NMTC allocation in 2018 to finance 286 developments in 48 states, Puerto Rico and the District of Columbia, with $61 billion in investment to low-income communities.

Tuesday, July 16, 2019

The U.S. Securities and Exchange Commission (SEC), along with the North American Securities Administrators Association, issued a statement today explaining the application of state and federal securities laws to opportunity zones (OZ) funds, along with guidance for Main Street investors to participate.

Monday, July 15, 2019

The U.S. Department of Housing and Urban Development’s Office of Public and Indian Housing published a new fourth chapter for its Housing Choice Voucher Guidebook as part of an ongoing, incremental update. The Payment Standards chapter includes updated information on small area fair market rents (SFMRs), including what a public housing agency should consider to determine whether to apply SAFMRs to project-based vouchers.

Monday, July 15, 2019

Pennsylvania Gov. Tom Wolfe signed legislation that includes a provision to conform the state’s personal income tax code to the Internal Revenue Code for investments in opportunity zones. H.B. 262 amended the Pennsylvania Tax Reform Code of 1971 for all tax years beginning after Dec. 31, 2019.

Friday, July 12, 2019

Legislation to permanently authorize and reform the Community Development Block Grant-Disaster Recovery (CDBG-DR) program was introduced Thursday in the House of Representatives. The Reforming Disaster Recovering Act of 2019 would require a one-for-one replacement of public housing and other federally subsidized rental housing in the case of CDBG-DR funding after natural disasters.

Thursday, July 11, 2019

Hawaii Gov. David Ige this week signed legislation to create a state historic tax credit. S.B. 1394 creates a credit worth 30 percent of qualified rehabilitation expenses with a $1 million annual statewide cap. The credit is effective immediately and will sunset Dec. 31, 2024.

Tuesday, July 9, 2019

Novogradac will resume at 12:45 p.m. EST its YouTube and Facebook live stream of today’s Treasury Department hearing on proposed opportunity zones regulations.

Tuesday, July 9, 2019

Novogradac’s YouTube channel is live streaming today’s Treasury Department hearing on proposed opportunity zones regulations. The hearing is taking place near Washington, D.C., and includes statements from several individuals and groups with feedback on April’s proposed regulations. You can watch the hearing here. A recording will also be available after the live stream has concluded.