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Novogradac Journal of Tax Credits Volume 5 Issue 2

The February 2014 issue of the Novogradac Journal of Tax Credits

Journal cover February 2014

Articles

Michael J. Novogradac

Saturday, February 1, 2014

The Obama administration is expected to publish its proposed fiscal year (FY) 2015 budget soon. The release of the president’s proposed budget traditionally marks the starting point for the federal budget process, though in recent years the process has faltered and stalled.

Thomas Stagg

Saturday, February 1, 2014

The U.S. Department of Housing and Urban Development (HUD) released income limits for fiscal year (FY) 2014 on Dec. 18, 2013, continuing its recent practice of releasing in December a set of Section 8 income limits and a set of Multifamily Tax Subsidy Project (MTSP) income limits, which are used by low-income housing tax credit (LIHTC) properties and tax-exempt bond properties.

Thomas Boccia

Saturday, February 1, 2014

Question: The Internal Revenue Service’s (IRS’s) recently issued Revenue Procedure (Rev. Proc.) 2014-12 is described as safe harbor guidance. What are the requirements of Rev. Proc. 2014-12, and what do they mean?Answer: In Rev. Proc. 2014-12, issued Dec. 30, 2013 and updated Jan. 8, 2014, the IRS provided clarification on two matters and established a framework whereby if the requirements are met, the IRS will not challenge a partnership’s allocation of Internal Revenue Code (IRC) Section 47 historic rehabilitation tax credits (HTCs) to its partners.

John Leith-Tetrault

Saturday, February 1, 2014

On Dec. 30, 2013, the Internal Revenue Service (IRS) gave the historic tax credit industry (HTC) something to celebrate the New Year: Revenue Procedure (Rev. Proc.) 2014-12. Two amendments to Rev. Proc. 2014-12 were subsequently published on Jan. 8. The issuance of Rev. Proc. 2014-12 was the product of a transparent consultation process between IRS and Treasury officials and representatives of the Historic Tax Credit Coalition (HTCC) and others in the HTC industry. The dialogue included several face-to-face meetings, numerous conference calls and an IRS review of draft procedure suggestions and examples from the law firms


News Briefs

Saturday, February 1, 2014

On Dec. 19, the Internal Revenue Service (IRS) released a draft audit technique guide (ATG) for the low-income housing tax credit (LIHTC) program. The guide was prepared to assist IRS examiners with auditing taxpayers, usually partnerships, owning IRC §42 lowincome housing projects ...

Saturday, February 1, 2014

The U.S. Department of Housing and Urban Development (HUD) is soliciting comments on quality control for rental assistance subsidy determinations. In a notice published on Nov. 18, HUD announced that it is conducting a study to update its estimates of the extent and type of errors...

Saturday, February 1, 2014

The Community Development Financial Institutions (CDFI) Fund announced on Dec. 20 that the Bank of New York Mellon (BNY Mellon), a global investment company, will be the master servicer/trustee for the CDFI Bond Guarantee program. BNY Mellon will provide custodial, loan administration, servicing, monitoring and other...

Saturday, February 1, 2014

On Dec. 12, the U.S. Department of Energy and U.S. Department of the Treasury announced that $150 million in Advanced Energy Manufacturing Tax Credit program (Section 48C program) clean energy tax credits would go to 12 businesses investing in domestic manufacturing equipment. This is the second phase of funding for the...

Saturday, February 1, 2014

The Louisiana Department of Revenue released revenue information bulletin No. 14-005 on Jan. 2. Bulletin 14-005 addresses individual, fiduciary and corporation income, and franchise taxes in the Louisiana Tax Credit Registry. The bulletin states that transferable tax credits granted on or after Jan. 1 to be applied against taxes collected...

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