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Novogradac Journal of Tax Credits Volume 3 Issue 4

The April 2012 issue of the Novogradac Journal of Tax Credits.

 

Journal cover April 2012

Articles

Michael J. Novogradac

Sunday, April 1, 2012

It's widely accepted that tax reform won't happen in the next few months, or even this year. But the affordable housing, community development, historic preservation and renewable energy communities should pay attention to the discussions that are taking place now because each step down the path toward tax reform has the potential to affect the outcome in the long term.

Tonya Phongsavanh

Sunday, April 1, 2012

Internal Revenue Service Revenue Procedure (Rev. Proc.) 2012-17, effective February 13, 2012, provides the rules that partnerships must follow if they wish to distribute Schedules K-1, Partners' Share of Income, Deductions, Credits, etc., (K-1s) electronically in lieu of paper format. Rev. Proc. 2012-17 does not apply to a partnership that distributes paper copies of the K-1s to its partners by the deadline (regardless of whether the partnership also sent electronic copies).

Jennifer Dockery

Sunday, April 1, 2012

When the California Supreme Court ruled on two redevelopment agency (RDA)-related budget bills in late December 2011, the outcome was one that affordable housing stakeholders had considered the worst case scenario. The court upheld Assembly Bill (A.B.) X1 26, which dissolved the state's RDAs, and struck down A.B. X1 27, which allowed RDAs to continue operating if they made specified contributions to local school and special districts.

Jennifer Hill

Sunday, April 1, 2012

The six state housing finance agencies (HFAs) that are participating in a year-long physical inspection pilot program are spending more time coordinating their efforts with federal agencies than preparing for site visits of their own. HFAs in Michigan, Minnesota, Ohio, Oregon, Washington and Wisconsin signed agreements in November to work with the U.S. Department of Housing and Urban Development (HUD) and the U.S. Department of Agriculture (USDA) Rural Development (RD) to implement the pilot program, which tests the feasibility of reducing physical inspections of mixed-finance properties.


News Briefs

Sunday, April 1, 2012

The Affordable Housing Tax Credit Coalition (AHTCC) is accepting entries for the 18th Annual Charles L. Edson Tax Credit Excellence Awards program.

Sunday, April 1, 2012

The U.S. Department of Housing and Urban Development (HUD) on February 10 issued Notice H 2012-2 detailing collection procedures for excess income receivables (EIR).

Sunday, April 1, 2012

The Federal Housing Administration (FHA) announced a pilot program in February to test an accelerated approval process for the purchase or refinancing of low-income housing tax credit (LIHTC) properties.

Sunday, April 1, 2012

Pennsylvania Gov. Tom Corbett in February signed S.B. 1237 that amends the state's Keystone Opportunity Zone, Keystone Opportunity Expansion Zone and Keystone Opportunity Improvement Zone Act.

Sunday, April 1, 2012

Building America CDE Inc. allocated $5 million in new markets tax credits (NMTCs) for Paseo Verde, a $48 million mixed-use development in a distressed area of Philadelphia, Pa.

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