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Novogradac Journal of Tax Credits Volume 7 Issue 1

The January 2016 issue of the Novogradac Journal of Tax Credits

Journal cover January 2016

Articles

Michael J. Novogradac

Friday, January 1, 2016

When House and Senate leaders announced their tax extenders and omnibus spending bills in mid-December, the tax credit community got a rare gift: a strong degree of certainty, which was a big change from recent year-end legislation.

Mark Shelburne

Friday, January 1, 2016

Annual changes in difficult development areas (DDAs) and qualified census tracts (QCTs) have long been part of the Low-Income Housing Tax Credit (LIHTC) program, but the Nov. 24, 2015, Federal Register notice announcement of changes for 2016 has sparked more interest than in the past.

Katie White

Friday, January 1, 2016

Question: What key changes were made in the most recent version of the Community Development Financial Institutions (CDFI) Fund’s Certification, Compliance and Monitoring FAQ document?Answer: On Dec. 4, the CDFI Fund released an updated Certification, Compliance and Monitoring FAQ document, which is the second revision since the document’s release in December 2014 (a prior revision was published in October 2015). The CDFI Fund publishes this document to provide guidance on how allocatees can help comply with various requirements of the New Market Tax Credit program.

Forrest D. Milder

Friday, January 1, 2016

With relatively little fanfare, the Bipartisan Budget Act of 2015, which became law in November 2015, made massive changes to the rules that apply to federal income tax audits of partnerships. The new rules apply to tax returns for 2018 and later tax years, although taxpayers can elect earlier application if they wish.

Teresa Garcia

Friday, January 1, 2016

Christina Bucio arrived at the Great Falls Rescue Mission Women and Children’s shelter in Great Falls, Mont., looking for a temporary place where she and her young family could stay. She was disappointed to learn that she would have to separate from her five children until more space became available. “When I first got there, all the family areas were filled up; there was no room for me to bring my kids in,” said Bucio. There was only enough bed space for Bucio, so her children had to stay with relatives. It wasn’t until two months later that a family room became vacant and Bucio could reunite her family under one roof.


News Briefs

Friday, January 1, 2016

The National Association of Home Builders (NAHB) released its latest Eye on Housing newsletter Nov. 16. This issue provides an update on the Low-Income Housing Tax Credit (LIHTC) program. According to the analysis, NAHB estimated that as of 2013, approximately 13.3 million people had resided in homes financed by the LIHTC program.

Friday, January 1, 2016

The Ohio Housing Finance Agency (OHFA) announced Nov. 13 that 2015 annual owner certifications and tenant data for low-income housing tax credit (LIHTC) properties for the reporting period of Jan. 1-Dec. 31, 2015 will be due March 1.

Friday, January 1, 2016

The National Trust Community Investment Corporation (NTCIC) announced Nov. 13 the retirement of John Leith-Tetrault, president. Leith-Tetrault retired after 15 years with NTCIC and 21 years with the National Trust for Historic Preservation.

Friday, January 1, 2016

The Solar Energy Industries Association (SEIA) announced Dan Whitten as vice president of communications Nov. 3. Most recently, Whitten served as a senior director of communications at America’s Natural Gas Alliance

Friday, January 1, 2016

On Nov. 10, the Illinois Office of the Governor announced the Enterprise Zones to be certified by the Illinois Department of Revenue. There were 49 zone listed effective Jan. 1, 2016.

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