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Novogradac Journal of Tax Credits Volume 2 Issue 10

The October 2011 issue of the Novogradac Journal of Tax Credits.

Journal cover October 2011

Articles

Michael J. Novogradac

Saturday, October 1, 2011

The Joint Select Committee on Deficit Reduction, also known as the Super Committee, last month began the herculean task of identifying and agreeing on $1.5 trillion in bipartisan deficit reduction measures. At the time of this writing it is considered unlikely that revenue measures will be part of the package; in fact, Republican members of the committee have signed a pledge to exclude new taxes as a part of the final deal, signaling that “net” revenue raising measures are unlikely to be considered.

Peter Lawrence

Saturday, October 1, 2011

In September, we saw Congress finally take action on long-delayed spending bills, including the bill that funds U.S. Department of Housing and Urban Development (HUD) programs.

Brad Elphick

Saturday, October 1, 2011

In June, the Internal Revenue Service (IRS) released two notices regarding potential ways to encourage non-real estate investments under the New Markets Tax Credit (NMTC) program. The first notice, a notice of proposed rulemaking (NPRM), contained proposed regulations and invited comments on the proposed changes. The second notice, an advance notice of proposed rulemaking (ANPRM), invited comments on potential changes for which the IRS is considering issuing proposed regulations.

Forrest D. Milder

Saturday, October 1, 2011

It has taken a few years, but the idea of combining renewable energy tax credits or grants with the new markets tax credit (NMTC) has begun to take hold. In this edition of The Current, I thought it would be useful to provide an overview of how the programs work together.

Alex Ruiz

Saturday, October 1, 2011

It costs approximately $55 more per unit to operate a low-income housing tax credit (LIHTC) property than it does to operate a market-rate apartment property, according to Novogradac & Company’s analysis of 2010 operating expense data.


News Briefs

Saturday, October 1, 2011

The Internal Revenue Service (IRS) announced in a press release that it will provide tax relief to certain taxpayers in designated areas that were impacted by Hurricane Irene

Saturday, October 1, 2011

Owners or managers whose assisted rental properties in Texas have been damaged by the recent wildfires should submit a Notice of Casualty Loss form to the Texas Department of Housing and Community Affairs (TDHCA), the agency said.

Saturday, October 1, 2011

The House Appropriations Subcommittee on Transportation, Housing and Urban Development and Related Agencies approved a fiscal year (FY) 2012 U.S. Department of Housing and Urban Development (HUD) appropriations bill

Saturday, October 1, 2011

Oregon Gov. John Kitzhaber signed legislation to create the Oregon Low Income Community Jobs Initiative, a state new markets tax credit (NMTC) program.

Saturday, October 1, 2011

The city of Seattle, Wash.'s Office of Economic Development allocated $10 million in new markets tax credits (NMTCs) to support the INSCAPE building's renovation.

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