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Novogradac Journal of Tax Credits Volume 2 Issue 9

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

Journal cover September 2011

Articles

Michael J. Novogradac

Thursday, September 1, 2011

Public dissatisfaction with tax rates. Televised statements by lawmakers urging reform. Growing scrutiny of tax expenditures and loopholes. Numerous proposals ranging from conservative to radical. Tense alliances and frequent fallings-out.

Sean B. Leonard

Thursday, September 1, 2011

The economic turmoil gripping the country over the past few years took a toll on many projects financed with the proceeds of low-income housing tax credits. The fallout left many project-level general partners, often through no fault of their own, in default under the project partnership’s limited partnership agreement and/or governing loan documents.

Miao Xue and Robert Thesman

Thursday, September 1, 2011

Year 15 planning for a low-income housing tax credit (LIHTC) partnership starts even before the project is first placed in service. The major year 15 issues that an LIHTC partnership should consider during its initial project structuring are the agreements that are put in place that will affect year 15 negotiations and outcomes, the exit strategies that are available for investors and general partners in year 15 and their tax consequences, and plans for how an LIHTC partnership can be better prepared for year 15.

John Leith-Tetrault

Thursday, September 1, 2011

The Internal Revenue Service (IRS) and Treasury indicated in recent guidance to field auditors that they intend to follow the principles outlined in Footnote 344 of the Joint Committee on Taxation (JCT) explanation of the application of the codification of the economic substance doctrine (CESD) to tax credit transactions included in the Health Care and Education Reconciliation Act of 2010.

Tony Grappone, Novogradac & Company LLP RETC Working Group

Thursday, September 1, 2011

Question: How much cash will developers of renewable energy projects be able to raise with traditional tax credit equity compared to what they have been able to raise with the Section 1603 cash grant?


News Briefs

Thursday, September 1, 2011

The supply of rental homes affordable for the lowest income households fell by more than 2 million units from 2007 to 2009, according to two reports from the U.S. Department of Housing and Urban Development's (HUD's) Office of Policy Development and Research.

Thursday, September 1, 2011

Arizona Department of Housing (ADOH) in Information Bulletin No. 18-11 announced the release of the agency's updated low-income housing tax credit (LIHTC) property compliance manual.

Thursday, September 1, 2011

The New Hampshire Community Development Finance Authority (CDFA) awarded $7.6 million in tax credits to 21 organizations for community and economic development.

Thursday, September 1, 2011

Sharp HealthCare received $39.7 million in a new markets tax credit (NMTC) allocation from Citi Community Capital, Lowe Economic Development Company and The East Los Angeles Community Union to build a new facility in downtown San Diego, Calif.

Thursday, September 1, 2011

Rep. Michael Turner, R-Ohio, introduced a bill to encourage homeowners to preserve homes of historical significance. H.R. 2555, the Historic Homeownership Revitalization Act, would create a 20 percent tax credit.

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