April 3, 2012

Published by Michael Novogradac on Tuesday, April 3, 2012 - 12:00am

Michael J. Novogradac, CPA, discusses a report released last week about community development tax expenditures. He also shares updates on two items from last week: the House vote on the Republican’s proposed budget and the Ways and Means Committee’s vote on H.R. 9. Then, he reviews a hearing that considered the effect of expirations of renewable energy tax incentives and examines a report issued by the House Committee on Oversight and Government Reform that was very critical of the Department of Energy’s oversight of the Section 1705 loan guarantee program. Next, he discusses how states housing tax credit caps will be affected by the IRS’s release of updated population estimates, and a rule change that aimed at increasing the private development community’s involvement in projects that receive funding from both the LIHTC and Section 202 or 811 programs. Then, he provides a quick update on the Historic Boardwalk Hall case, and two state level updates from Massachusetts and Minnesota. Finally, he discusses the updated allocation agreement template and invites suggestions for topics to be discussed at Novogradac & Company’s upcoming Spring New Markets Tax Credit Conference.