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Novogradac Journal of Tax Credits Volume 5 Issue 5

The May 2014 issue of the Novogradac Journal of Tax Credits

Journal cover May 2014

Articles

Michael J. Novogradac

Thursday, May 1, 2014

The chairman of the Senate Finance Committee wields substantial influence because of the committee’s role in taxation matters, among other issues. Considering the increasing consensus about the need for tax reform, this is especially true today. With the Feb. 6 confirmation of one of the driving forces behind recent tax reform efforts, Senate Finance Committee Chairman Max Baucus, D-Mont., as the U. S. ambassador to China, it’s widely believed that the next chairman could play a key role in shaping the future tax code.

David Leopold

Thursday, May 1, 2014

Between now and 2020, half of the 2 million affordable housing units in the United States will reach Year 15, the point when the current low-income housing tax credit (LIHTC) compliance period expires, according to the U.S. Department of Housing and Urban Development. As a result, interest in recapitalizing LIHTC properties will grow, and new capital should benefit both residents and owners of affordable multifamily housing. It will also provide new opportunities for investors.

John M. Tess

Thursday, May 1, 2014

Historic tax credits (HTCs) can provide a critical incentive for owners seeking to redevelop historic buildings, and the path to obtaining HTCs begins with National Register listing. For the thousands of buildings already listed in the National Register (either individually or within a historic district), the first step in the tax credit process is usually straightforward. However, those buildings that are not certified must be individually listed. The process to be listed can be circuitous, with hurdles that can detour or derail a project. It is not uncommon for a developer to pursue the redevelopment of a building that is old, mistakenly assuming that its age and architectural character will automatically earn its historic designation. Compounding this confusion is the fact that some buildings may be locally designated as historic, but not listed in the National Register of Historic Places.

H. Blair Kincer

Thursday, May 1, 2014

The solar power market has come into its own in a big way. Analysis of four years’ of data from more than 200 properties audited by Novogradac & Company reveals that, with the help of the renewable energy investment tax credit (ITC), the cost of solar power has fallen dramatically. The ITC is not the sole reason for solar’s cost declines; the increasing supply of solar panels and the reduction in the cost of raw materials, such as polysilicon, for example, was also crucial. However, overall the ITC seems to be contributing to the decreasing cost of generating solar electricity.


News Briefs

Thursday, May 1, 2014

On March 27, Rep. Maxine Waters, D-Calif., Ranking Member of the Financial Services Committee, released the Housing Opportunities Move the Economy (HOME) Forward Act of 2014. The legislation would create a secondary mortgage market reform and end Fannie Mae and Freddie Mac...

Thursday, May 1, 2014

On April 3, U.S. Department of Housing and Urban Development (HUD) Secretary Shaun Donovan announced that HUD will hasten federal disaster assistance to Washington following the flooding and mudslides beginning on March 22...

Thursday, May 1, 2014

On March 13, Ohio State Rep. Terry Boose-R, introduced H.B. 478 to streamline the Ohio new markets tax credits (NMTC) program. The legislation would amend the Revised Code to eliminate the requirement that a taxpayer receive federal NMTC authority in order to qualify for the NMTC...

Thursday, May 1, 2014

The solar power market has come into its own in a big way. Analysis of four years’ of data from more than 200 properties audited by Novogradac & Company reveals that, with the help of the renewable energy investment tax credit (ITC), the cost of solar power has fallen dramatically...

Thursday, May 1, 2014

Mississippi H.B. 785 was signed into law March 27. The legislation amends the Mississippi Code of 1972 to authorize a credit for any company that transfers or relocates its national or regional headquarters to the state of Mississippi...

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