Three Virginia bills to provide a 35 percent state income tax credit for nonresidential solar equipment in specific areas, including opportunity zones, failed to advance in the state Legislature.
Legislation introduced in Colorado would double the annual allocation for the state low-income housing tax credit to $10 million, beginning in 2020. HB 19-1228 would cover the calendar years 2020 through 2024. The bill was assigned to the Finance and Appropriations Committee.
The U.S. Department of Housing and Urban Development (HUD) will publish a notice Thursday in the Federal Register revising the fiscal year 2019 fair market rents (FMRs) for 10 areas, based on data provided to HUD. The FMRs apply to the Housing Choice Voucher program and the Moderate Rehabilitation Single-Room Occupancy program. The revised FMRs will take effect April 13. The 10 areas include four in Oregon, four in California and two in New England.
Legislation to reestablish the state solar energy property tax credit in South Carolina was assigned to the Ways and Means Committee. S. 362 would create a tax credit for 25 percent of the cost of construction or lease of a solar energy property, including installation, but the credit would only be available to property that meets certain qualifications.
Legislation was introduced in both the House of Representatives and the U.S. Senate today to reauthorize and make permanent the new markets tax credit (NMTC). The New Markets Tax Credit Extension Act of 2019 would also include an inflation adjustment to the annual NMTC allocation authority and the ability to offset the alternative minimum tax. H.R. 1680 was introduced by Reps.
The Office of Information and Regulatory Affairs (OIRA) today received the second tranche of regulatory guidance for review from the Internal Revenue Service (IRS) concerning the opportunity zones (OZ) incentive. OIRA is a division of the White House Office Management of the Budget.
The National Park Service issued 1,013 certifications of completed work in fiscal year 2018 (FY 2018), according to “Federal Tax Incentives for Rehabilitating Historic Buildings,” its annual report released Monday. The NPS report said the agency tracked more than $6.9 billion in private investment in historic preservation and community renewal in FY 2018, including 12,527 new housing units and 6,994 rehabilitated housing units.
A California state bill to establish procedures for the environmental review and approval for projects–including those funded by qualified opportunity funds as part of the federal opportunity zones incentive–was amended last week. SB25, which addresses the California Environmental Quality Act, will be addressed April 10 in a hearing in the state Senate Environmental Quality Committee.
A West Virginia bill that would exempt new qualified opportunity zones businesses from corporate net income tax and personal income tax for the first decade of their operation was passed Friday by both houses of the state Legislature and is now at the desk of Gov. Jim Justice. HB 2828 would require a business to be newly registered Jan. 1, 2019, or later to be eligible for the exemption, which would be effective for tax years beginning Jan. 1, 2019. Gov.
The Trump administration today released its proposed $4.7 trillion budget for fiscal year 2020, which proposes reductions in funding for the U.S. Department of Housing and Urban Development (HUD), including the elimination of the Community Development Block Grant (CDBG) and HOME Investment Partnerships programs and the Public Housing Capital Fund. The budget request includes $44.1 billion in gross HUD appropriations, a 16.4 percent cut from FY 2018 levels, and a $9.6 billion, or 18 percent cut from FY 2019, to support the core functions.