The California Tax Credit Allocation Committee (CTCAC) released a memorandum containing a list of proposed changes for the state low-income housing tax credit (LIHTC). Some changes address provisions in the recent state budget legislation, including the addition of $500 million in state LIHTCs and the authority to use the 130 percent basis adjustment from that allocation.
The Kentucky Department of Revenue issued a general information letter clarifying that a nonprofit entity that received a state historic tax credit (HTC) could not transfer the credit to a new, single-member limited liability company (LLC) unless that LLC was subject to the financial institution franchise tax. Kentucky HTC regulations require that the HTC only be transferred to entities that pay the bank franchise tax.
Reps. Elise Stefanik, R-N.Y., and Scott Peters, D-Calif., introduced the Renewable Electricity Tax Credit Equalization Act (H.R.
The U.S. Department of Housing and Urban Development (HUD) will publish in Monday’s Federal Register a proposed rule to amend the interpretation of the Fair Housing Act’s (FHA’s) disparate impact standard.
The heads of the Senate Finance Committee Tuesday released the first three of six reports by temporary tax provision task forces, examining provisions that expired or will expire between Dec. 31, 2017, and Dec. 31, 2019.
The U.S. Department of Housing and Urban Development (HUD) today announced that the Federal Housing Administration (FHA) will insure mortgages on mixed-use development in opportunity zones (OZs) under the agency’s Section 220 program. In a speech, HUD Secretary Ben Carson said FHA can be a key partner for developers in OZs. The HUD Section 220 program insures lenders against loss on mortgage default.
The Office of the Comptroller of the Currency today released a list of Community Reinvestment Act (CRA) performance evaluations for July. Of 42 evaluations made public, 33 were satisfactory, seven were outstanding and two were need to improve. The list includes national banks, federal savings associations and insured federal branches of foreign banks.
The Indiana Department of Revenue issued an information bulletin clarifying that no expenditures made after June 30, 2016, nor expenditures in a taxable year beginning after Dec. 31, 2015, are eligible for certification under the state historic tax credit (HTC). However, HTCs granted previously are eligible for carryforward.
The Internal Revenue Service published a revenue procedure providing guidance that allows a taxpayer to make a late bonus depreciation election or to revoke a bonus depreciation election for certain qualified property acquired after Sept. 27, 2017 and placed into service during a taxable year that includes Sept. 28, 2017. Revenue Procedure 2019-33 incorporates changes made in tax reform legislation in late 2017 and became effective July 31.
The U.S. Senate voted 67-28 Thursday to pass a two-year, $2.7 trillion discretionary budget agreement, sending the legislation to President Donald Trump, who is expected to sign it. The budget deal, which was passed last week by the House of Representatives, would suspend the federal debt ceiling until July 31, 2021, and contains no provisions to extend expired or expiring tax provisions.
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