Novogradac Journal of Tax Credits Volume 13 Issue 11
Abridged version of the November 2022 issue of the Novogradac Journal of Tax Credits. For more content, please subscribe to the Journal.
The renewable energy industry is excited about the enactment of the Inflation Reduction Act of 2022 (IRA)–and rightfully so.
Editor's note: This is the second in a three-part series by the Novogradac Journal of Tax Credits looking at how community development entities measure impact. This second installment focuses on investments relating to environmental issues; the final part in December will focus on health issues. Climate change considerations and racial/ethnic equity will be woven into each article. New markets tax credits can be used to reduce the impacts of climate change, especially for low-income communities, and increase opportunities for communities of color.
The Internal Revenue Service (IRS) released final regulations on the average income test (AIT) for the low-income housing tax credit (LIHTC) Oct. 7 in the form of Treasury Regulation (Treas. Reg.) Section 1.42-19 (published in the Federal Register Oct. 12). In conjunction with the final regulations, the IRS released temporary regulations in the form of Treas. Reg. Section 1.42-19T that contemplate procedural, administrative and reporting requirements created as context to the implementation of the final regulations.
The marriage of affordable housing and renewable energy got a boost Aug. 16, when President Joe Biden signed the Inflation Reduction Act (IRA) into law. The landmark climate-oriented legislation advances renewable energy efforts well beyond what was previously possible with respect to affordable housing.
Low-income housing tax credit (LIHTC) properties are having their moment in the sun.
Historic tax credit news briefs for November 2022, including a National Park Service report and a project in Ohio.
New markets tax credits news briefs for November 2022, including updates about federal legislation, the new CDFI certification process and CRA evaluations.
Renewable energy tax credit news briefs for November 2022, including updates about IRS inflation rates, an appeals court ruling, Department of Energy awards and more.
Department of Housing and Urban Development news briefs for November 2022, including updates about federal legislation, grants, a rules change and more.
Property compliance news briefs for November, 2022, including updates from California and Idaho.