Hawaii Gov. David Ige signed legislation to conform the state tax code to the federal Internal Revenue Code as amended as of Dec. 31, 2018. S.B. 1130 allows opportunity zones incentive investments to qualify for the same state tax benefits as federal benefits, although only for OZ investments in Hawaii.
The California Legislature today approved a $214.8 billion budget that includes a $500 million increase for the state low-income housing tax credit (LIHTC). The budget is for the fiscal year that begins July 1 and Gov. Gavin Newsom has 12 days to sign or veto the legislation, although he can use a line-item veto on some budget items. Newsom is a proponent of the LIHTC increase, having included it in his budget request.
The Connecticut Legislature passed a bill requiring a series of events to promote opportunity zones (OZs), a study to determine how the state can further incentivize OZs and expedited permit reviews for projects in the state’s OZs. S.B. 570 also requires the appointment of a Deputy Commissioner of Economic and Community Development, who will be the state’s primary point of contact for OZs. The legislation is effective July 1.
Nevada Gov. Steve Sisolak this week signed legislation into law that creates a state low-income housing tax credit (LIHTC). S.B. 448 creates a transferable state LIHTC with an annual statewide cap of $10 million that can be carried forward if unused. The state LIHTC has a sunset date of Jan. 1, 2030. Nevada becomes the 18th state with a state LIHTC incentive.
The U.S. Economic Development Administration (EDA) announced Wednesday that it is adding opportunity zones (OZ) as an investment priority. The EDA has invested nearly $30 million in OZs already, but making OZs an investment priority increases the number of projects that can receive EDA grants–which apply to planning, technical assistance and infrastructure construction.
Arizona Gov. Doug Ducey signed legislation that conforms the state tax code to the federal Internal Revenue Code. H.B. 2757 means that Arizona now conforms to the opportunity zones provisions of the IRC for both corporate and personal income.
Legislation that would extend and expand the North Carolina historic tax credit (HTC) passed the state House of Representatives and now is in the Senate. H.B. 399 would extend the sunset date from Jan. 1, 2020, to Jan. 1, 2032, although it would apply to expenses incurred after Jan. 1, 2024.
A Texas bill that would allow educational quality to be a part of the threshold criteria for eligibility for low-income housing tax credit (LIHTC) allocation, but not part of the scoring system in the qualified allocation plan passed both houses of the Legislature and was sent to Gov. Greg Abbott. H.B. 1215 would expire Sept. 1, 2021, and would require a study on the effects of the law.
The Internal Revenue Service (IRS) published a notice that provides the inflation adjustment factors to calculate the renewable energy production tax credit (PTC) for 2019. The PTC for electricity produced from wind–as well as closed-loop biomass and geothermal energy–increased from 2.4 cents per kWH to 2.5 cents. The notice also includes the PTC amounts for other forms of energy.
The U.S. Department of Housing and Urban Development (HUD) will publish a notice in Wednesday’s Federal Register announcing the monthly per-unit fee rates used to determine administrative fees for each public housing agency that administers certain HUD programs. The fees involve the Housing Choice Voucher and Moderate Rehabilitation programs for calendar year 2019 (CY 2019).
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