Novogradac Journal of Tax Credits Volume 12 Issue 4
Abridged version of the April 2021 issue of the Novogradac Journal of Tax Credits. For more content, please subscribe to the Journal.
The U.S. Department of the Treasury released updated frequently asked questions (FAQs) Feb. 22 regarding the Emergency Rental Assistance (ERA) program, providing guidance for a range of issues.
With the pandemic underscoring the need for more affordable housing, low-income housing financing resources have become even more crucial and in demand. Even the 4% low-income housing tax credit (LIHTC), once an underused resource, is now seeing a surge in demand in many states–due in part to a new minimum 4% LIHTC rate enacted in December 2020.
The opportunity zones (OZ) incentive was created to drive capital into low-income communities across the United States. One year into the global COVID-19 pandemic, the OZ incentive is more vital than ever.
Under the opportunity zones (OZ) incentive, taxpayers are able to defer capital gains through investment into a qualified opportunity fund (QOF) that subsequently invests in qualified OZ property.
As we head into the second quarter of 2021 and (hopefully) begin to emerge from the COVID-19 pandemic, now is the time for investors and fund managers to give their qualified opportunity funds (QOFs) a 10-point midyear checkup. Investing in opportunity zones (OZs) can generate substantial tax benefits, but only if QOFs and their investee businesses satisfy statutory and regulatory tax requirements.
Bills introduced in the Tennessee Legislature in early February would establish a state historic tax credit (HTC) worth 25% of qualified rehabilitation expenditures, with a 5% bonus for properties in specially designated areas.
Reps. Terri Sewell, D-Alabama; Tom Reed, R-New York; and Sens. Ben Cardin, D-Maryland; and Roy Blunt, R-Missouri; Feb. 25 introduced House and Senate versions of the New Markets Tax Credit (NMTC) Extension Act of 2021.
Rep. Mike Thompson, D-California, and 24 co-sponsors reintroduced the Growing Renewable Energy and Efficiency Now (GREEN) Act Feb. 4. T
The Mississippi Home Corporation (MHC) announced Feb. 23 the annual owner’s certification report package to be completed by all owners of developments that received an award of low-income housing tax credits.
Legislation introduced in the Montana House of Representatives Feb. 11 would create a state workforce housing tax credit that could be paired with the federal low-income housing tax credit for tax years beginning on or after Jan. 1, 2022.