The Treasury Department will publish in the Federal Register final regulations on additional first-year depreciation deduction under Internal Revenue Code Section 168(k). The final regulations clarify that only the tax-exempt entity’s proportionate share of the property is described in Section 168(g)(1)(B) and is not eligible for the additional first-year depreciation deduction.
Reps. James Langevin, D-R.I., and Peter Welch, D-Vt., yesterday introduced the Building Efficiently Act of 2019 (H.R. 4317) to extend through 2020 and expand the Section 45L new energy-efficient home credit and to create a new tax credit worth up to 3.3 percent of the total construction cost for residential rental properties that reduce energy use by 40 percent or more.
The Federal Housing Finance Agency (FHFA) announced new multifamily loan purchase caps of $100 million each for Fannie Mae and Freddie Mac from the fourth quarter of 2019 to the fourth quarter of 2020. The new caps apply to all multifamily business with no exclusions. The FHFA also directs at least 37.5 percent of Fannie Mae and Freddie Mac multifamily business to mission-driven affordable housing.
The California state legislature tomorrow will adjourn for the year without considering opportunity zones (OZ) state conformity legislation. The deadline to introduce legislation for consideration in the 2019 legislature was Sept. 10. The next chance for the California state legislature to address OZ conformity will be when it reconvenes in January 2020.
The Internal Revenue Service will publish in tomorrow’s Federal Register a notice inviting comments on Notice 2010-54, which provided guidance regarding claiming the production tax credit (PTC) for refined coal. Among other things the notice modified the definition of refined coal and allowed certain processing of utility-grade coal to be taken into account for determining emissions reductions.
The California Tax Credit Allocation Committee (CTCAC) opened a survey on the $500 million in additional state low-income housing tax credits (LIHTCs) available in calendar year 2020 for 4 percent new construction multifamily housing developments. CTCAC may accept applications for the state LIHTC as soon as November 2019 for a January 2020 credit reservation.
Rep. Adam Schiff, D-Calif., introduced the Affordable Housing Incentives Act of 2019 (H.R. 4239), a bill to allow for non-recognition of gain on property sold to public housing agencies for use as affordable housing. Provisions of the legislation would apply to sales and transfers made after the enactment date of the bill.
The Community Development Financial Institutions (CDFI) Fund today announced an update to the certification requirements for applicants of a CDFI program or Native American CDFI Assistance (NACA) program financial assistance award. Beginning with the fiscal year 2020 application round, CDFI program and NACA program financial assistance applicants must be certified CDFIs by the date the notice of funds availability (NOFA) is published in the Federal Register.
Novogradac lowered its estimate of the increase in the national median income for 2020 from 4.37 percent to 3.97 percent, based on the Congressional Budget Office’s (CBO’s) updated 10-year budget and economic outlook released Aug. 21. The U.S. Department of Housing and Urban Development uses CBO’s estimate of the consumer price index in calculating income.
The U.S. Treasury Department and the U.S. Department of Housing and Urban Development (HUD) today released plans with recommendations for legislative and administrative reforms concerning housing finance reform, including continuing to proceed to end the conservatorship for government-sponsored entities (GSEs) Fannie Mae and Freddie Mac. The plans address the Federal Housing Administration (FHA) and Fannie Mae and Freddie Mac.
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