Journal of Tax Credits Volume 3 Issue 3
Articles
In his proposed budget for fiscal year 2013, President Barack Obama recommended the passage of several tax provisions related to affordable housing, community development, historic preservation and renewable energy communities. Many of the proposals are promising, but it's important to remember that all the ideas in the proposed budget face a long and no-doubt bumpy road to enactment in today's Congress. The proposed budget also contains a number of possible changes to funding for the U.S.
On February 13, President Obama released his $3.8 trillion fiscal year (FY) 2013 budget request. While each annual budget request tends to be an aspirational document that broadly represents the President's priorities, this year's request is even more aspirational as it is the last budget request before the presidential election. Given the partisan political and challenging fiscal environment, this budget request was immediately labeled as "dead on arrival" by the House Republican leadership. The House and Senate will undoubtedly have different priorities.
The NMTC Working Group submitted its response to the CDFI Fund's request for public comments on February 6 addressing the six topics on which the CDFI Fund requested public comment:
- low-income communities and areas of higher distress;
- treatment of certain businesses;
- community accountability;
- transaction costs;
- evaluation of financial products; and
- use of other federally subsidized financing in conjunction with NMTCs.
Question: My state provides for rehabilitation credits using certificates. What do I need to be aware of in using these to help finance my redevelopment?
News Briefs
Travois New Markets allocated $7.2 million in new markets tax credits (NMTCs) to the Waimanalo Hawaiian Homes Association (WHHA) in Waimanalo, Hawaii.
Sen. Ben Cardin, D-Md. introduced the Creating Prosperity through Preservation (CAPP) Act of 2012. S. 2074 would increase the federal historic tax credit (HTC) from 20 percent to 30 percent for deals with less than $5 million in qualified rehabilitation expenditures.
Sens. Jim DeMint, R-S.C., and Mike Lee, R-Utah, introduced a bill to repeal all energy-specific tax credits. Called the Energy Freedom and Economic Prosperity Act, S. 2064 would repeal all tax credits for renewable and conventional energy sources and would require a corresponding reduction in the corporate tax rate.
The U.S. Department of Agriculture (USDA) announced that $130 million is available for loan guarantees under the Section 538 Guaranteed Rural Rental Housing Program. The department published in February a notice of funding availability (NOFA) for fiscal year (FY) 2012.
The Internal Revenue Service (IRS) issued Notice 2012-18 to inform state housing finance agencies (HFA) participating in the Physical Inspections Pilot Program of an alternate method of satisfying certain requirements under Section 42.
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