News

Friday, January 24, 2020

To be eligible for the new round of allocation authority, community development entities (CDEs) that received prior allocations of new markets tax credits must submit their qualified equity investments (QEIs) to the Community Development Financial Institutions (CDFI) Fund by the end of day Jan.

Thursday, January 23, 2020

A bill introduced in the Hawaii state Senate would permanently extend the state low-income housing tax credit (LIHTC) and require that all state credits be taken over five years. S.B. 2970 would eliminate the Dec. 31, 2021, sunset date for the state’s LIHTC and would change a previous condition that assigned any LIHTCs not claimed in the first five years after the property has been placed in service to the sixth year.

Tuesday, January 21, 2020

A private letter ruling from the Colorado Department of Revenue concludes that state law follows federal law for partnerships formed for investment in federal and state low-income housing tax credit (LIHTC) developments.

Tuesday, January 21, 2020

Legislation introduced in the Hawaii House of Representatives would clarify that a power purchase agreement approved by the state public utilities commission before Dec. 31, 2019, would receive a 35 percent investment tax credit up to the applicable cap amount of $500,000. The text of H.B.

Friday, January 17, 2020

Legislation in the Arizona Legislature would extend the state’s renewable energy production tax credit (PTC), while reducing the annual cap. H.B. 2290 would extend the sunset date for the state PTC by 10 years to Jan. 1, 2031, while decreasing the annual cap per taxpayer from $2 million to $200,000 beginning Jan. 1, 2021. The annual statewide cap would remain $20 million.

Friday, January 17, 2020

Legislation in the Virginia House of Representatives would create a state renewable energy investment tax credit (ITC). H.B.

Friday, January 17, 2020

Legislation introduced in the New Jersey state Senate would designate the state Department of Community Affairs to work with qualified opportunity zones (OZ) businesses as a point of contact for other state assistance. S. 496 would require the Department of Community Affairs to establish and maintain a website to promote collaboration and innovation among qualified OZ businesses and to provide other assistance.

Friday, January 17, 2020

The annual cap for the Illinois state historic tax credit (HTC) would increase to $45 million, under a bill introduced to the state General Assembly. H.B. 4054 would increase the cap from $15 million. The Illinois HTC is for 25 percent of qualified rehabilitation expenses.

Friday, January 17, 2020

Legislation introduced in the Missouri Senate would change provisions of the state historic tax credit (HTC), including requiring a $5 million allocation of HTCs for historic county courthouses, changing eligibility of properties in qualified census tracts and instituting an HTC cap for specific transactions. S.B.

Friday, January 17, 2020

New York state historic tax credits (HTCs) would be transferrable under legislation introduced in the state Assembly. A. 8491 would amend state law to allow the partial or full transfer of HTCs and would apply to taxable years beginning on or after Jan. 1, 2020.