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Novogradac Journal of Tax Credits Volume 6 Issue 8

The August 2015 issue of the Novogradac Journal of Tax Credits

Journal cover August 2015

Articles

Michael J. Novogradac

Saturday, August 1, 2015

The Senate Finance Committee July 21 approved legislation that included a 2015 and 2016 extension of 52 tax provisions that expired at the end of 2014 that are commonly referred to as tax extenders. The strong bipartisan vote of 23-3 will help advance the bill in the full Senate. But, at the time of this writing little is known about how the bill will fare in the coming weeks and months. While only Sens. Michael Enzi, R-Wyo.; Pat Toomey, R-Pa.; and Dan Coats, R-Ind., opposed the bill in committee, there was uncertainty about how and when the package would be considered by the full Senate.

Peter Lawrence

Saturday, August 1, 2015

Over a remarkable period from late June to early July, there were two major fair housing policy developments, both long anticipated and awaited by the affordable housing community. Before I discuss them, however, let me first discuss two other lower-profile, but also important, developments in the realm of tax and spending issues.

Tamara Forman

Saturday, August 1, 2015

Question: Can bond proceeds under the Community Development Financial Institution (CDFI) Bond Guarantee Program be used for new markets tax credit (NMTC)-related activities?Answer: Yes, under certain circumstances. The CDFI Bond Guarantee Program, enacted Sept. 27, 2010, as part of the Small Business Jobs Act of 2010, directs the Treasury Department (Treasury) to guarantee the full amount of notes or bonds issued to support CDFIs that make investments for eligible community or economic development purposes. The bonds or notes support CDFI lending and investment by providing a source of long-term (29.5-year), patient capital to CDFIs. ...

Forrest D. Milder

Saturday, August 1, 2015

Internal Revenue Code (IRC) Section 48 provides an investment tax credit (ITC) for many kinds of energy property, particularly solar. Those who have closed solar transactions with investors know that their tax advisors often insist on certain features in the transaction. They may want capital contributions to be made at certain times, limits on guarantees, puts and calls or they may require references to fair market value inserted into certain pricing decisions.The Internal Revenue Service (IRS) hasn’t published guidance that applies to Section 48 renewable energy investment tax credits (RETCs). Instead, these requests from the tax professionals are based on other guidance. ...


News Briefs

Saturday, August 1, 2015

The Joint Center for Housing Studies of Harvard University (JCHS) released the report, “The State of the Nation’s Housing 2015” June 24. JCHS provides an assessment of the state of the rental and homeownership markets in its annual report. ...

Saturday, August 1, 2015

On July 2, the Internal Revenue Service (IRS) released private letter ruling (PLR) 201527017. The letter was sent in response to a request to correct an administrative error or omission relating to the allocation of LIHTCs. ...

Saturday, August 1, 2015

Louisiana H.B. 387 (Act 108) was enrolled June 19. The bill extends the expiration date of the state historic tax credit (HTC) by four years, from Jan. 1, 2018, to Jan. 1, 2022. ...

Saturday, August 1, 2015

The Master Limited Partnership Parity Act (S. 1656 and H.R. 2883) was reintroduced June 24 in both the U.S. Senate and House of Representatives. ....

Saturday, August 1, 2015

Texas Gov. Greg Abbott signed H.B. 3230 into law June 17. The bill amends the determination of eligible costs and expenses for the rehabilitation of historic structures using the state historic tax credit (HTC). ...

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