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.
The U.S. Department of Housing and Urban Development (HUD) today published a revised notice that provides program instructions for the Rental Assistance Demonstration (RAD) program, including eligibility and selection criteria.
In a bench opinion, a United States Tax Court judge ruled that investors were bona fide partners in a refined coal production facility and were entitled to tax credits. The decision in Cross Refined Coal, LLC, USA Refined Coal, LLC, Tax Matters Partner v. Commissioner of Internal Revenue concerned whether Cross Refined Coal, LLC was a bona fide partnership and whether the tax credit investors were bona fide partners.
A bill that would have authorized an extension of California $500 million annual state low-income housing tax credit allocation increase for five years was held under submission in the state Senate’s Appropriations Committee, meaning it won’t advance in this year’s session. Assembly Bill 10 would have authorized the California Tax Credit Allocation Committee to allocate an extra $500 million annually for the state LIHTC through 2024.
The U.S. Department of Commerce published a request for information notice in Tuesday’s Federal Register seeking input on how the federal government can align various programs and resources to encourage and facilitate beneficial investments in opportunity zones (OZs). The Department of Commerce seeks information from states, local and tribal officials, colleges, nonprofits, philanthropic organizations and other investors and stakeholders.