Tax Credit Tuesday Podcasts

Each Tax Credit Tuesday, Novogradac & Company LLP's audio broadcast offers an in-depth weekly look at tax credit topics. A new episode is posted here and on the RSS Feed by 1 p.m. Pacific Time every Tuesday.

Published by Michael Novogradac on May 26, 2020

In this week’s Tax Credit Tuesday podcast, Michael J. Novogradac, CPA discusses the final rule amending Community Reinvestment Act Regulations that was released by the Office of the Comptroller of the Currency. Next, he talks about proposed regulations released by Treasury that clarify rules for the federal historic tax credit. He then discusses an outline of affordable housing policies that Sen. Ron Wyden of Oregon will push to be included in the next round of COVID-19 relief legislation. Finally, he talks about the Paycheck Protection Program Flexibility Act that was introduced in the House, and the Senate version of the bill: The Paycheck Protection Program Extension Act.

Published by Michael Novogradac on May 19, 2020

In this week’s Tax Credit Tuesday podcast, Michael J. Novogradac, CPA shares findings from a Novogradac-NCSHA report that analyzes the impact of lowering the 50 percent test for 4 percent tax-exempt bond financed properties. Next, he discusses a few updates to the Paycheck Protection Program including loan forgiveness and increases in loan amounts. Then, he talks about provisions in the Health and Economic Recovery Omnibus Emergency Solutions, or HEROES Act. He then shares highlights from presidential candidate and presumptive democratic nominee Joe Biden’s recently updated housing and community development plan. He closes out with news on the revised California state budget proposal and private activity bond application deadline extensions from the California Debt Limit Allocation Committee.

Published by Michael Novogradac on May 12, 2020

In this week’s Tax Credit Tuesday podcast, Michael J. Novogradac, CPA shares important guidance and legislative updates regarding the Paycheck Protection Program. Next, he discusses the Emergency Rental Assistance and Rental Market Stabilization Act of 2020 that was introduced in the House and Senate, which creates a $100 billion emergency rental assistance fund. Then, he shares highlights from a Novogradac special report about the effect of the last national recession on low-income housing tax credit properties and what that historical data could suggest for future economic downturns. He then talks about challenges that the wind and solar industries are facing during the COVID-19 pandemic. He wraps up by announcing the Novogradac 2020 Opportunity Zones Virtual Conference and the Novogradac 2020 New Markets Tax Credit Virtual Conference.

Published by Michael Novogradac on May 5, 2020

In this week’s Tax Credit Tuesday, Michael J. Novogradac CPA, shares updates on guidance from the Internal Revenue Service relating to the review and certification of Paycheck Protection Program loans. Then, he shares an exciting announcement about a Novogradac Opportunity Funds Listing milestone for funds raised. Next, he discusses Revenue Procedure 2020-21 and IRS Notice 2020-25 which give temporary guidance for the use of private activity bonds, and he discusses some affordable housing updates related to private activity bonds and the 4 percent low-income housing tax credit. He then talks about a letter sent to Treasury by nine Republican senators urging Treasury to provide relief for opportunity zones in the wake of COVID-19, and he discusses details of a letter sent by the Novogradac New Markets Tax Credit Working Group to Treasury and the CDFI Fund to issue guidance and postpone certain deadlines due to the pandemic. Next, he discusses IRS Revenue Procedure 2020-29 which temporarily allows taxpayers to electronically submit requests for private letter rulings and other requests for advice. Finally, he talks about changes proposed by the California Tax Credit Allocation Committee for allocating 2020 low-income housing tax credits.

Published by Michael Novogradac on April 28, 2020

In this week’s Tax Credit Tuesday Podcast, Michael J. Novogradac, CPA covers the recently enacted Paycheck Protection Program and Health Care Enhancement Act. Then, he discusses future COVID-19 relief legislation that may include provisions of the Affordable Housing Credit Improvement Act, the HTC-GO Act and an increase in the federal historic tax credit percentage. He wraps up with news of a forthcoming update to the Novogradac Opportunity Funds Listing.

Published by Michael Novogradac on April 21, 2020

In this week’s Tax Credit Tuesday podcast, Michael J. Novogradac, CPA, gives an update on COVID-19 relief legislation including proposals for additional funding for the Small Business Association’s Paycheck Protection Program, establishing a minimum 4 percent floor for the low-income housing tax credit and a reduction of the 50 percent test. Then he talks about the introduced Opportunity Zone Extension Act (H.R. 6513).  He also discusses low-income housing tax credit deadline extensions that were included in IRS Notice 2020-23. He wraps up by discussing two mortgagee letters from HUD that provide guidance on certain FHA and HUD 223(f) loans.

Published by Michael Novogradac on April 14, 2020

In this week’s Tax Credit Tuesday podcast, Michael J. Novogradac, CPA continues coverage of responses to the COVID-19 pandemic. He discusses proposed relief legislation and future phases of COVID-19 relief legislation. Next, he discusses Notice 2020-23 from the IRS which, among other provisions, extends the 180-day deadline to invest capital gains in qualified opportunity funds. He then talks about IRS Revenue Procedure 2020-23 that allows partnership tax returns from 2018, and some from 2019, to be amended because of certain changes that were included in the CARES Act. Then, he discusses a letter from the Novogradac Opportunity Zones Working Group that was sent to Treasury and the IRS requesting relief from certain opportunity zones deadlines. He also talks about highlights from comment letters sent by three Novogradac Working Groups to the OCC and FDIC on proposed CRA changes. He wraps up with discussion of deadline extensions from the CDFI Fund, the California Tax Credit Allocation Committee, and the Indiana Housing & Community Development Authority.

Published by Michael Novogradac on April 7, 2020

In this week’s Tax Credit Tuesday podcast, Michael J. Novogradac, CPA discusses next steps for a fourth phase of COVID-19 relief legislation and what provisions could be included. Next he discusses the challenges that the COVID-19 pandemic is bringing to the affordable rental housing community, including low-income housing tax credit financed housing. Then, he talks about the HUD income limits for 2020 that were released and the impact that the COVID-19 pandemic will have on future income limits. Finally, he discusses a notice from the IRS with corrections to the final opportunity zones regulations that were published in January.

Published by Michael Novogradac on March 31, 2020

In this week’s Tax Credit Tuesday Podcast, Michael J. Novogradac, CPA outlines provisions of the recently passed Coronavirus Aid, Relief and Economic Security, or CARES, Act. Then, he discusses how the COVID-19 pandemic could affect future HUD income limits. He wraps up with news from USDA Rural Development on changes to single-family and multifamily housing related to the COVID-19 pandemic.

Published by Michael Novogradac on March 24, 2020

In this week’s Tax Credit Tuesday podcast, Michael J. Novogradac, CPA outlines several COVID-19 relief legislation packages including the recently enacted Families First Coronavirus Response Act (H.R. 6201). He also discusses several proposed bills, including the Coronavirus Aid, Relief and Economic Security Act, or CARES Act (S. 3548), a draft bill from House Speaker Nancy Pelosi and the Financial Protections and Assistance for America’s Consumers, States, Businesses and Vulnerable Populations Act (H.R. 6321) that was introduced by House Financial Services Committee Chairwoman Maxine Waters. Then, he discusses the extension of the tax filing and payment deadlines from the IRS, and investment expansion authorizations from the FHFA and the Federal Reserve. Next he discusses how certain lending activities related to COVID-19 would receive positive Community Reinvestment Act consideration. He also talks about announcements from HUD and the FHFA that would suspend evictions and foreclosures for certain housing and provide mortgage forbearance for multifamily property owners. Next, he discusses a few state-level responses to the COVID-19 pandemic. He wraps up with news on the CDFI Fund notice of guarantee availability for the fiscal year 2020 CDFI Bond Guarantee Program.