News

Friday, December 14, 2018

The Internal Revenue Service (IRS) yesterday released proposed regulations on the base erosion and anti-abuse tax (BEAT). The BEAT is an alternative tax applicable to large corporations with significant multinational operations, and in some cases could limit the ability of tax credit investors to utilize their tax credits to reduce their BEAT liability.

Thursday, December 13, 2018

Annie Donovan announced today at the New Markets Tax Credit Coalition annual conference in Washington, D.C., that she will step down as the director of the Community Development Financial Institutions (CDFI) Fund. Donovan said that she will be replaced by Jodie Harris. Harris is the director, small business, community development and housing policy in the Office of Financial Institutions at the U.S. Treasury Department.  Donovan said the change will be made in January.

Wednesday, December 12, 2018

The Montana state Senate will consider legislation that would create a state workforce housing tax credit in 2022 that largely mirrors the federal Low-Income Housing Tax Credit (LIHTC) program. State Sen. Maggie MacDonald introduced SB 18, which would establish an annual allocation of up to $8.5 million in state credits, which would be allocated to match 4 percent federal LIHTC allocations, beginning Jan. 1, 2022.

Wednesday, December 12, 2018

President Donald Trump today signed an executive order establishing the White House Opportunity and Revitalization Council, which will be led by U.S. Department of Housing and Urban Development Secretary Ben Carson and will include representatives from 13 federal agencies. The council will work across agencies to prioritize or focus federal investments and programs on urban and economically distressed communities, including opportunity zones (OZs).

Wednesday, December 12, 2018

President Donald Trump this week announced his intention to nominate Mark Calabria as the director of the Federal Housing Finance Agency (FHFA). Calabria, who would succeed Mel Watt as the FHFA chief, is currently the chief economist for Vice President Mike Pence and previously served as a senior aide on the Senate Banking Committee and as deputy assistant secretary for regulatory affairs at the U.S. Department of Housing and Urban Development. The FHFA oversees Fannie Mae and Freddie Mac. Calabria must be confirmed by the U.S. Senate for the five-year term.

Wednesday, December 12, 2018

President Donald Trump is expected today to sign an executive order that will create a White House council tasked with coordinating and streamlining federal efforts to boost opportunity zones investments. Reports indicate the White House Opportunity and Revitalization Council will be led by U.S. Department of Housing and Urban Development (HUD) Secretary Ben Carson and will have representatives from 13 federal agencies.  

Novogradac will send another email alert when the text of the executive order, and any other additional information, becomes available.

Tuesday, December 11, 2018

Rep. Mark Meadows, R-N.C., introduced the Disaster Recovery and Opportunity Act of 2018 this week, which would allow parts of federally declared disaster areas to be designated as opportunity zones (OZs). H.R. 7242 would allow governors to declare up to 5 percent of applicable disaster tracts as OZs. The legislation was referred to the House Ways and Means Committee.

Monday, December 10, 2018

The U.S. Department of Housing and Urban Development (HUD) will publish an amendment to a final notice in Tuesday’s Federal Register clarifying that there are no prevailing wage requirements in the second component of Rental Assistance Demonstration (RAD) program transactions. The second component included HUD’s legacy programs: Rent Supplement, Rental Assistance Payment, Section 8 Moderate Rehabilitation and Moderate Rehab Single-Room Occupancy.

Monday, December 10, 2018

Rep. Kevin Brady, R-Texas, chairman of the House Ways and Means Committee, today introduced a retooled year-end tax relief package that continues to include a provision to clarify that veterans are a specified group for purposes of the low-income housing tax credit. The legislation also includes disaster tax relief and several minor, time-sensitive technical corrections to the tax reform legislation passed last year.

Friday, December 7, 2018

The West Virginia Tax Department amended, effective Dec. 31, certain regulations for its state historic tax credit (HTC). The amendments include changes to regulations concerning the distribution of the credit for ownership groups, the transfer of the credit, the results of being in arrears in payment of other taxes and more.