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SEQUESTRATION TO REDUCE SECTION 1603 GRANTS

Tuesday, March 5, 2013 - 8:00AM

The U.S. Department of Treasury announced in a notice published yesterday that, as a result of the sequestration federal spending cuts that took effect March 1, all awards made to a Section 1603 cash grant applicant on or after March 1, 2013 through September 30, 2013 will be reduced by 8.7 percent, regardless of when the Treasury received the application. Awards made prior to March 1, 2013 will not be affected. Treasury said it will continue to review applications but that applicants may not adjust claims to account for the impact of sequestration.

Tune in to the March 5 Tax Credit Tuesday podcast to hear more about this and other matters related to sequestration. Questions can be directed to Stephen Tracy, CPA, at 415-356-8000 or Tony Grappone, CPA, at 617-330-1920.

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