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Tennessee Governor Signs Bill Creating State LIHTC, Pending Annual Allocation Approval by Legislature

Wednesday, May 29, 2024

Tennessee Gov. Bill Lee signed legislation last week enacting a state low-income housing tax credit (LIHTC) subject to allocation by the state Legislature. H.B. 1046 creates the Tennessee Rural and Workforce Housing tax credit, which may be awarded to recipients of the federal LIHTC. The statewide credit cap is subject to authorization by the Legislature and at least 50% of the credits will be allocated to projects in rural areas.

IRS Issues Guidance on Technology-Neutral ITC, PTC that Begin in 2025

Wednesday, May 29, 2024

The U.S. Department of the Treasury and Internal Revenue Service (IRS) today issued proposed regulations for the technology-neutral clean energy production tax credit (PTC) and investment tax credit (ITC) that take effect in 2025. A provision in the Inflation Reduction Act (IRA) of 2022 moves the PTC and ITC to technology-neutral status as of Jan. 1, 2025, and later under Internal Revenue Code (IRC) 45Y (PTC) and 48E (ITC), including energy storage technology for the ITC.

Colorado Bill Extends State HTC to 2036, Creates Affordable Housing Set-Aside

Wednesday, May 29, 2024

Legislation to extend the Colorado state historic tax credit (HTC), among other changes to the incentive’s provisions, was signed into law Tuesday by Gov. Jared Polis. H.B. 1314 extends the expiration date of the credit from Dec. 31, 2029, to Dec. 31, 2036. Additionally, the bill creates a separate pool of $5 million for properties that are at least 50% affordable housing rental homes.

Senate Bill Would Provide $70 Billion to Address Backlog of Public Housing Maintenance, Repairs

Tuesday, May 28, 2024

Nine cosponsors introduced legislation in the U.S. Senate earlier this month to provide a one-time, $70 billion appropriation to address the backlog of maintenance and repairs for public housing. The Public Housing Emergency Response Act mirrors a companion bill introduced in the House of Representatives in January 2023. The National Association of Housing and Redevelopment Officials (NAHRO) recently estimated $90 billion in backlog of repairs needed for existing public housing stock.

IRS, DOE Open Portal for Low-Income Communities Bonus Credit Program

Tuesday, May 28, 2024

The U.S. Department of Treasury, Internal Revenue Service (IRS) and Department of Energy (DOE) today announced that the application portal for the 2024 low-income communities bonus program for the renewable energy investment tax credit (ITC) is open. The initial application window will close at 11:59 p.m. ET June 27 and all applications received during that period will be considered as submitted at the same time and date.

House Legislation Would Require LIHTC Property-Specific Reporting to HUD from HFAs

Friday, May 24, 2024

Legislation to require annual property-specific reporting by housing finance agencies to the U.S. Department of Housing and Urban Development (HUD) on properties financed by low-income housing tax credits (LIHTCs) was introduced this week in the House of Representatives. According to a press release from co-sponsors Reps. Steven Horsford, D-Nevada, and Emanuel Cleaver, D-Missouri, the Housing Market Transparency Act (H.R. 8500) would require HFAs to report such data as developmental costs, habitability standards and ownership details.

IRS, DOE Announce that Section 48C Application Portal is Open

Thursday, May 23, 2024

The U.S. Department of the Treasury, Internal Revenue Service (IRS) and Department of Energy (DOE) announced Wednesday that the Qualified Advanced Energy Project Program Applicant portal is open for a new round of allocations. The portal is for the Internal Revenue Code (IRC) Section 48C applicants, including small-, medium- and large-sized manufacturers who must submit their concept papers by 5 p.m. ET June 21. A concept paper must be submitted using the portal to be eligible to submit the full application. This round will include up to $60 billion, with approximately $2.5 billion going to projects in designated 48C energy communities.

Bill to Create New Mississippi NMTC Incentive Dies in Committee

Wednesday, May 22, 2024

Legislation in Mississippi that would have created a state new markets tax credit (NMTC) to replace the existing state incentive that expires in July died in conference.

Connecticut Bill Enacted to Allow Homes HTC to be Taken Against Individual Income Tax

Wednesday, May 22, 2024

Legislation to expand the list of taxes against which Connecticut’s historic residential rehabilitation tax credit (HTC) applies has been enacted into law. H.B. 5190 makes the historic homes HTC refundable against individual income tax and allows it to be carried forward for four additional years against other taxes

IRS Announces 2024 Carry Forward of Unallocated Capacity Limitation for Low-Income Communities Bonus Credit Program

Friday, May 17, 2024

The Internal Revenue Service (IRS) issued Announcement 2024-25 today, which will be included in the June 17 Internal Revenue Bulletin, to announce that 324.785 megawatts (MW) of unallocated environmental justice solar and wind capacity limitation from the 2023 Low-Income Communities Bonus Credit Program has been carried over to 2024.

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