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Novogradac Journal of Tax Credits Volume 12 Issue 7

Abridged version of the July 2021 issue of the Novogradac Journal of Tax Credits. For more content, please subscribe to the Journal.

Journal Cover July 2021

Articles

Michael J. Novogradac

Thursday, July 1, 2021

A key part of funding infrastructure is through the enhancement and expansion of existing Internal Revenue Code (IRC) community development and renewable energy tax incentives, as well as by creating new tax-based tools to address needs that existing incentives are not designed to address.

Brad Stanhope and Nick DeCicco

Thursday, July 1, 2021

Influence in affordable housing and community development comes in various forms. There are organizational leaders, elected representatives, thought leaders and more. What they have in common is significant: the ability and drive to use affordable housing, community development, historic preservation and renewable energy tax incentives to better the lives and communities of others.

Brad Stanhope

Thursday, July 1, 2021

Major developments in Columbus, Ohio, and Norfolk, Virginia, along with a senior property in rural Durango, Colorado, are among the winners in the Novogradac Journal of Tax Credits Developments of Distinction (DOD) Awards.

Brad Stanhope

Thursday, July 1, 2021

A one-stop service center for low-income special needs individuals in San Antonio and the only physical career and technical education high school in the Oglala Lakota Nation in South Dakota are among the winners of the 2021 Novogradac Journal of Tax Credits Community Development Qualified Low-Income Community Investment of the Year Awards.

Brad Stanhope

Thursday, July 1, 2021

Two former hospitals, an old high school and a foundry were all redeveloped into properties that received 2021 Novogradac Journal of Tax Credits Historic Rehabilitation Awards.


News Briefs

Thursday, July 8, 2021

Gov. Brian Kemp signed a bill May 4 to extend Georgia’s state historic tax credit (HTC) by one year and provide a statewide cap for smaller projects. S.B. 6 addresses several tax provisions, including pushing the sunset date for the state’s HTC to Dec. 31, 2022. The legislation also established a $5 million statewide cap for all projects receiving $300,000 or less in credits. Previously, there was no statewide cap on those credits. The changes are effective July 1.***Alabama extended its state’s HTC for five years when Gov. Kay Ivey signed legislation May 26. H.B. 281 extended the credit through Dec. 31, 2027, with a $200 million cap for credits reserved from May 25, 2017, through the end of 2027.***A bill to boost Maryland’s annual statewide HTC cap for commercial endeavors with qualified rehabilitation expenditures of $500,000 or less was signed into law May 18 by Gov. Larry Hogan. S.B. 659 increases the cap to $5 million from $4 million as of July 1.***Texas Gov. Greg Abbott vetoed a bill May 24 that would have ensured the Texas state HTC could be taken against the state insurance premium tax. S.B. 813 would have replicated key provisions from the description in the franchise tax code to the insurance code, ensuring that the HTC would survive if the franchise tax is repealed.***Though legislation threatened to repeal Montana’s state HTC in May, the credit was preserved. S.B. 399, which was signed into law, included sweeping changes to Montana’s tax structure, including

Thursday, July 8, 2021

A report released May 13 by the American Clean Power Association reflected installation of nearly 40% more wind power among U.S. developers in the first three months of 2021 compared to the same quarter in 2020. The Clean Power Quarterly Market Report identified 13 new wind projects, 15 utility-scale solar projects and two energy storage projects, yielding enough energy to power close to 1 million American homes. Additionally, Dominion Energy’s Coastal Virginia Offshore Wind project became operational.***Reps. Earl Blumenauer, D-Oregon, and Mike Levin, D-California, introduced legislation in May to allow taxpayers to take renewable energy tax credits as a direct payment rather than a credit. H.R. 3180, the Renewable Energy Investment Act, would make the investment tax credit (ITC), production tax credit (PTC) eligible for an irrevocable election to receive as a direct payment.***Bicameral legislation introduced in Congress in May would create an additional renewable energy ITC for battery storage and renewable electricity that displaces electricity generated by in disadvantaged communities by peaker plants, facilities that come online during times of high demand and release harmful emissions. The Promoting Energy Alternatives is Key to Emission Reductions (PEAKER) Act of 2021 would provide financial incentives to more rapidly dispatch clean energy and battery storage to replace aging power plants in those communities. Sen. Kirsten Gillibrand, D-New York, and Rep. Yvette

Thursday, July 8, 2021

A new $35 million, 95,000-square-foot data center facility is in the works in Eatonville, Florida, with $6.5 million in new markets tax credit (NMTC) financing.

Wednesday, July 7, 2021

The U.S. Department of Housing and Urban Development (HUD) announced May 17 the allocation of $5 billion in emergency vouchers to combat homelessness under the American Rescue Plan Act of 2021.

Tuesday, July 6, 2021

The California Tax Credit Allocation Committee (CTCAC) proposed changes to the language and dollar amounts for a slate of compliance violations in a May 20 letter to property owners and management agents of low-income housing tax credit (LIHTC) developments.

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