News

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.

Tuesday, December 4, 2018

The National Trust for Historic Preservation published a report, “State Historic Tax Credits: Maximizing Preservation, Community Revitalization, and Economic Impact,” to serve as a guide for state and local policy makers to understand the benefits of historic rehabilitation and key factors to structure an effective state historic tax credit (HTC) program.

Tuesday, December 4, 2018

The Office of the Comptroller of the Currency today released a list of 28 Community Reinvestment Act (CRA) performance evaluations that became public in November. Twenty-five were rated satisfactory and three were outstanding. The list contains only national banks, federal savings associations and insured federal branches of foreign banks that have received ratings.

Friday, November 30, 2018

The Novogradac Opportunity Zones Working Group this week submitted to the Internal Revenue Service (IRS) a priority request for further opportunity zones (OZ) guidance. The letter said that taxpayer uncertainty around issues unaddressed by proposed guidance released Oct. 19 hinders investment in OZs.

Thursday, November 29, 2018

The Office of the Comptroller of the Currency (OCC) today released the Community Reinvestment Act (CRA) evaluation schedule for the first and second quarters of 2019. The OCC invites public comment on national banks and federal savings associations scheduled for CRA evaluation. The OCC said it would consider all public comments received until the close of the CRA evaluation.

Tuesday, November 27, 2018

The Internal Revenue Service today issued Revenue Procedure 2018-59, which provides a safe harbor for taxpayers to treat certain infrastructure trades or businesses as real property trades or businesses solely to qualify under Internal Revenue Code Section 163(j)(7)(B). That election makes the expense not subject to the limitation on business interest expense in the 2017 tax reform legislation.

Tuesday, November 27, 2018

The Federal Housing Finance Agency will publish in the Federal Register Wednesday its final rule to amend regulations for the Federal Home Loan Banks’ Affordable Housing Program (AHP).

Tuesday, November 27, 2018

The Community Development Financial Institutions (CDFI) Fund today announced that 116 organizations submitted eligible applications requesting more than $570 million in funding under the fiscal year (FY) 2018 Capital Magnet Fund round, compared to the $143 million in awards available. Fifty-seven percent of applicants are certified CDFIs and the remaining 43 percent are nonprofit affordable housing organizations. The awards can be used to finance affordable housing activities, as well as related economic development activities and community service facilities.

Tuesday, November 27, 2018

House Ways and Means Committee Chairman Kevin Brady, R-Texas, yesterday released a year-end tax and oversight package that clarifies the general public use requirement for tax-exempt bond-financed low-income housing tax credit properties, especially for veterans. The package also includes tax extenders, including one-year extensions until Dec.

Monday, November 26, 2018

The Internal Revenue Service issued a notice of proposed rulemaking today for a provision of last year’s tax reform legislation that limits the business interest expense deduction for certain taxpayers.