News

Wednesday, May 2, 2018

The Office of the Comptroller of the Currency today released its list of Community Reinvestment Act (CRA) performance evaluations from April. There were 22 evaluations, with 20 rated as satisfactory, one rated outstanding and one rated as needs to improve. The list includes only national banks, federal savings associations and insured federal branches of foreign banks.

Tuesday, May 1, 2018

The U.S. Department of Housing and Urban Development (HUD) issued a memo today announcing new guidelines for closing a Rental Assistance Demonstration (RAD) transaction after the RAD conversion commitment (RCC) is made. The memo, by HUD Office of Recapitalization Director Tom Davis, says agencies undergoing RAD conversions have 90 days to close their transactions after receiving the RCC unless granted an extension by HUD.

Monday, April 30, 2018

The amount claimed using the federal renewable energy production tax credit (PTC) and investment tax credit (ITC) declined from 2013 to 2016, according to a report from the U.S. Energy Information Administration.

Friday, April 27, 2018

The Internal Revenue Service (IRS) and Treasury Department today published Notice 2018-43 to invite public recommendations on what should be included in the 2018-2019 priority guidance plan. The 2018-2019 priority guidance plan will identify which guidance projects that Treasury and the IRS will prioritize from July 1, 2018, to June 30, 2019. The deadline to submit recommendations for possible inclusion in the original 2018-2019 priority guidance plan is June 15.

Friday, April 27, 2018

A bipartisan group of legislators last week introduced the Protecting American Solar Jobs Act (H.R. 5771), a bill to repeal the 30 percent tariff on imported solar panel technology enacted in February. Companies that have imported affected solar products under the new tariff would receive retroactive reimbursement.

Wednesday, April 25, 2018

In a list of answers to frequently asked questions about the opportunity zone incentive the Internal Revenue Service (IRS) today clarified that a taxpayer self-certifies to become a certified qualified opportunity fund for purposes of qualifying for the opportunity zone incentive. In the FAQs, the IRS says it will release a self-certification form in summer 2018 that taxpayers can attach to their federal income tax returns.

Wednesday, April 25, 2018

U.S. Department of Housing and Urban Development (HUD) Secretary Ben Carson today released the Making Affordable Housing Work Act of 2018, legislative text proposing rent reforms that include rent increases for certain households and would allow public housing agencies (PHAs) and owners to impose work requirements on families and individuals receiving housing assistance.

Monday, April 23, 2018

Gov. Scott Walker signed Senate Bill 668 last week to raise the cap for the Wisconsin state historic tax credit (HTC) from $500,000 to $3.5 million for all projects undertaken on the same parcel, effective July 1. Wisconsin’s state credit had no cap until last fall, when state budget legislation proposed a $5 million project cap. Walker used a line-item veto to reduce the cap to $500,000.

Friday, April 20, 2018

The Novogradac Rent & Income Limit Calculator© has been updated in beta version to include the fiscal year 2018 rent and income limit data released March 30. The Novogradac Rent & Income Limit Calculator© will calculate IRC Section 42(i)(3)(A) low-income housing tax credit rent and income limits for every county and for every metropolitan statistical area in the United States.

Thursday, April 19, 2018

The Treasury Department yesterday designated qualified opportunity zones (OZs) in Alabama, Delaware, Missouri, Ohio, Texas and the Northern Marianas Islands. Investors in qualified opportunity funds that make investments in qualified OZs can defer tax on prior gains until no later than Dec. 31, 2026.