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Novogradac Journal of Tax Credits Volume 6 Issue 3

The March 2015 issue of the Novogradac Journal of Tax Credits

Journal cover March 2015

Articles

Michael J. Novogradac

Sunday, March 1, 2015

President Barack Obama released his fiscal year 2016 (FY 2016) budget proposal Feb. 2, but it wasn’t a Groundhog Day moment for the tax credit community. Obama’s proposal included some significant changes from past budgets, including a nearly $4 billion increase in the low-income housing tax credit (LIHTC) program and proposals to make the new markets tax credit (NMTC), renewable energy production tax credit (PTC) and investment tax credit (ITC) permanent.

Peter Lawrence

Sunday, March 1, 2015

As outlined in his 2015 State of the Union address, including several liberal “leaks” released to the media beforehand, President Barack Obama set out an ambitious fiscal year (FY) 2016 budget that sought to push forward “middle-class economics.”As part of that theme, the president included many tax reform proposals in his FY 2016 budget that would largely increase tax revenue from higher-income Americans to fund his priorities, such as increased spending and tax benefits for higher education and transportation, among others. ...

Teresa Garcia

Sunday, March 1, 2015

The recurring drama of short-term extensions has become all too familiar for New Markets Tax Credit (NMTC) program participants. By the time Congress reauthorized the NMTC program in December 2014, at $3.5 billion for its 2014 round, the Community Development Financial Institutions (CDFI) Fund already had a pool of 263 applicants requesting an aggregate $19.9 billion in NMTC allocation authority. ...

John M. Tess

Sunday, March 1, 2015

Windows are among the most challenging aspects of a historic tax credit (HTC) project. Replacement is not automatic–an owner must make a strong case for replacement by documenting that the existing windows are beyond repair. Identifying an appropriate replacement window and presenting that window for approval can be a time-consuming process that can lead to project delays. After a replacement window is approved, the lead time for manufacturer can add months to a project schedule. Attacking the issue early is crucial to keep projects on schedule and on budget. ...


News Briefs

Sunday, March 1, 2015

The United States Supreme Court heard arguments Jan. 21 concerning the disparate impact housing case, Inclusive Communities Project Inc. v. the Texas Department of Housing and Community Development. The arguments were heard to determine what constitutes discrimination in affordable housing. ...

Sunday, March 1, 2015

The Ohio Housing Finance Agency (OHFA) released its interactive DevCo Compliance User Guide Jan. 7. The guide assists with 2014 annual owner certifications and tenant data through DevCo Online, OHFA’s online management system. ...

Sunday, March 1, 2015

On Jan. 30, the Internal Revenue Service (IRS) Office of Chief Counsel released Chief Counsel Advice Memorandum (CCAM) 201505038: Income Inclusion Amount Under Section 50(d)(5). ...

Sunday, March 1, 2015

On Jan. 13, the Internal Revenue Service (IRS) released Notice 2015-04, “Property Qualifying for the Energy Credit under Section 48.” ...

Sunday, March 1, 2015

On Jan. 1, the West Virginia State Tax Department updated Publication TSD-110. The publication provides an overview of tax credits that may be claimed against corporate and personal income taxes, including the Jobs Creation Tax Credit. ...

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