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Novogradac Journal of Tax Credits Volume 6 Issue 1

The January 2015 issue of the Novogradac Journal of Tax Credits

Journal cover January 2015

Articles

Michael J. Novogradac

Thursday, January 1, 2015

While much of the postelection focus in Washington, D.C., was on the lame-duck session of Congress–including efforts to pass a tax-extenders package–some significant shuffling took place on committees for the upcoming 114th Congress that will likely be consequential for the tax credit community in the next two years.Tax-extenders discussion continued throughout the session, which began on Nov. 12. Just before Thanksgiving, House and Senate leaders struck a tentative deal on an extenders bill, which would have made several provisions permanent, such as the R&D credit. However, before that deal was publicly released, it was derailed by a veto threat by President Barack Obama, who said that some of the tax-extenders in the legislation offered permanent tax breaks to “well-connected corporations while neglecting working families.” ...

Brad Stanhope

Thursday, January 1, 2015

The economy in Fort Lauderdale, Fla., is growing rapidly, but the supply of affordable housing isn’t.“We have all the desirability of a big city, but the wages don’t stack up to it,” said Ann Diebert, CEO of Broward County Housing Authority since 2011. “The largest group of employees is in lower-wage service sector–54 percent of the workforce. And Broward County is landlocked–it’s built out, largely.”

John Leith-Tetrault

Thursday, January 1, 2015

The Historic Tax Credit Coalition (HTCC), in concert with the National Trust for Historic Preservation, has asked federal bank regulators to expand and clarify when Historic Tax Credit (HTC) investments by lending institutions qualify under the Community Reinvestment Act (CRA). A letter, endorsed by more than 165 supporting organizations, was sent in November in response to a request for comments on the Community Reinvestment Questions and Answers (CRA Q&A) document. ...

Forrest D. Milder

Thursday, January 1, 2015

Section 48 of the Internal Revenue Code (IRC) provides a 30 percent investment tax credit for equipment that generates electricity from (among other things) solar energy. The definitions provided in Section 48, and the additional guidance in the Internal Revenue Service’s (IRS’s) regulations, still leave many unanswered questions about precisely what equipment, and what portion of its cost, qualifies for the credit. ...


News Briefs

Thursday, January 1, 2015

On Nov. 18, Sens. Al Franken, D-Minn.; Rob Portman, R-Ohio; Patty Murray, D-Wash.; and Susan Collins, R-Maine; released a Dear Colleague letter to all Senate offices in support of the Housing for Homeless Students Act of 2014 (S. 2723). ...

Thursday, January 1, 2015

On Nov. 24, William Galvin, the Massachusetts secretary of state, announced $400,000 in historic preservation tax credits for the renovation and expansion of the Stockbridge Library in Stockbridge, Mass. ...

Thursday, January 1, 2015

On Nov. 6, the Advisory Council on Historic Preservation (ACHP) presented the Tribal Consultation Committee (TCC), North Dakota Department of Transportation and the Federal Highway Administration with its Chairman’s Award for Achievement in Historic Preservation. ...

Thursday, January 1, 2015

The American Energy Alliance (AEA) released a letter Nov. 6 to Speaker of the House John Boehner, R-Ohio, and then Senate Minority Leader Mitch McConnell, R-Ky., against the renewal of the production tax credit (PTC) during Congress’s lame-duck session ...

Thursday, January 1, 2015

On Nov. 25, the U.S. Treasury Department announced that Annie Donovan will be the new director of the Community Development Financial Institutions (CDFI) Fund. Donovan will oversee the expansion of access to capital and financial services in critically underserved urban, rural and tribal communities. ...

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