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Novogradac Journal of Tax Credits Volume 8 Issue 1

The January 2017 issue of the Novogradac Journal of Tax Credits.

Journal cover January 2017


Forrest D. Milder

Tuesday, January 10, 2017

Of course, the investment tax credit (ITC) for most renewable energy facilities, especially solar, is 30 percent of its cost (or the value, if the lease-pass-through or inverted lease method is used). So, for example, a $1 million facility generates a $300,000 renewable energy tax credit (RETC). 

Teresa Garcia

Monday, January 9, 2017

The high cost of developing affordable housing in Hawaii means that preserving every existing unit is crucial. A mix of federal and state low-income housing tax credits (LIHTCs) recently helped an independent senior housing property on Hawaii’s Big Island do just that. Kamana Elderly Housing in Hilo, Hawaii, reopened its doors in November 2016 to new and returning residents after a complete renovation.

Tom Fantin

Friday, January 6, 2017

Question: What key changes were made in the draft version of the Community Development Financial Institutions (CDFI) Fund’s Allocation Agreement for the 2015-2016 new markets tax credit (NMTC) allocation round?

Brad Stanhope

Thursday, January 5, 2017

The largest allocation in the history of the New Markets Tax Credit (NMTC) program came with a secondary mission: Promote success.

Mark O’Meara

Wednesday, January 4, 2017

Comprehensive tax reform is on the minds of low-income housing tax credit (LIHTC) industry participants now more than ever. With President-elect Donald Trump to take office Jan. 20, the industry is waiting to see what tax reform may look like, creating a level of uncertainty in the LIHTC market. 

News Briefs

Tuesday, January 10, 2017

The U.S. Court of Federal Claims awarded more than $206 million Oct. 24, 2016, to cash grant applicants for the Alta Wind project that the U.S. Treasury Department declined to pay under Section 1603 of the American Recovery and Reinvestment Act (ARRA).

Tuesday, January 10, 2017

Sen. Shelley Capito, R-W.Va., introduced Nov. 15, 2016, the Creating Opportunities for Rural Economic Expansion Act, or the CORE Act (S. 3). The bill is designed to create a new markets tax credit (NMTC) set-aside of $525 million for investments in distressed coal mining communities in 12 states with significant coal job losses between 2012 and 2015.

Monday, January 9, 2017

The Council on Climate Preparedness and Resilience released the report, “Opportunities to Enhance the Nation’s Resilience to Climate Change,” in October 2016, which highlights efforts in historic preservation against climate change. Climate change is deemed damaging to historic properties and neighborhoods, cultural institutions, tribal sites and other heritage assets.

Friday, January 6, 2017

The U.S. Department of Housing and Urban Development (HUD) announced Nov. 15, 2016, that fair market rents (FMRs) used for the Housing Choice Voucher (HCV) program will be set at the ZIP code level in 24 metro areas, or small area fair market rents (SAFMRs). This new method of establishing FMRs is designed to expand neighborhood options for households living in challenging housing markets.

Thursday, January 5, 2017

On Nov. 4, 2016, the California Tax Credit Allocation Committee (TCAC) released an updated placed-in-service checklist and Form B. Now, a requirement to update the ownership portions of the Excel application replaces the previously used project ownership profile form. An electronic version of the legal description and assessor’s parcel number is now required. Clarification is needed regarding the investor’s equity letter and the basis and credits calculation has been added. Certification templates are now required for owner, architect and energy analyst, replacing the previous owner-generated certifications.

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