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Novogradac Journal of Tax Credits Volume 1 Issue 12

The December 2010 issue of the Novogradac Journal of Tax Credits.

Journal cover December 2010

Articles

Michael J. Novogradac

Wednesday, December 1, 2010

The weeks since election day on November 2nd have been a busy time for lawmakers as they began to adjust to the post-election landscape. The new members of the 112th Congress took a class photo, reviewed rules and procedures and met with their respective parties' caucus and conference.

Benson F. Roberts

Wednesday, December 1, 2010

It’s a sunny day. The wind isn’t even blowing. But the atmosphere is unstable and a volatile weather system may be forming. It’s time for tax credit practitioners to get to the hardware store and supermarket, turn on the Weather Channel and get ready to hunker down. A tornado could be coming.

Owen P. Gray, CPA

Wednesday, December 1, 2010

Question: In calculating substantially all using the safe harbor method for purposes of the new markets tax credit, do you include net intangibles or gross intangibles in the calculation?

Jennifer Dockery

Wednesday, December 1, 2010

When a developer uses historic tax credits (HTCs) to renovate a building, the National Park Service (NPS) has the final say on all site improvements. This includes any changes to the building itself, as well as those to the surrounding grounds. Exterior additions to historic buildings can include floors added to the top of a building, a new structure connected to the side or rear of the building, or even a new free standing structure or parking lot. Although exterior additions do not count as qualified rehabilitation expenses for HTC-purposes, a poorly designed addition can cost a developer his or her credits.

Forrest D. Milder

Wednesday, December 1, 2010

For this month's Current, I have three short, but significant items for readers to remember.


News Briefs

Wednesday, December 1, 2010

The Internal Revenue Service (IRS) issued Notice 2010-74 in October to inform taxpayers that there is no unused 2010 low-income housing credit (LIHTC) carryover amount to be redistributed to qualified states.

Wednesday, December 1, 2010

State agencies are issuing revised Tenant Income Certification and Tenant Data Collection Form to comply with the data collection required under the Housing Economic Recovery Act of 2008 (HERA).

Wednesday, December 1, 2010

The U.S. Department of Housing and Urban Development (HUD) needs to improve compliance and oversight of jurisdictions' fair housing plans, according to a Government Accountability Office (GAO) report.

Wednesday, December 1, 2010

The Oregon Department of Energy is no longer accepting business energy tax credit applications for renewable energy projects with projected costs of less than $500,000 (Tier One projects) because it has received application requests in excess of the $10 million allocated for smaller projects.

Wednesday, December 1, 2010

The Ohio Department of Development announced the first round results of the $10 million state new markets tax credit (NMTC) program.

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