December 22, 2009

Published by Michael Novogradac on Tuesday, December 22, 2009 - 3:45pm

Today is Tuesday, December 22nd, 2009. I am in Bangkok, Thailand today, for a tropical holiday vacation. We have many client transactions however yet to close this year, so the miracles of modern technology, combined with a strong team of professionals at Novogradac, allow us to provide the assistance our clients need to meet their yearend deadlines. This week I will discuss some highlights of the omnibus appropriations bill that President Obama signed on December 16th. The term “Omnibus Appropriations Bill” is Washington speak for the bills passed by Congress to approve the federal budget for various federal agencies. I will also share an update on the status of potential jobs legislation that I discussed in last week’s podcast. Then, I will review some plans for the NMTC program that CDFI Fund Director Donna Gambrell announced earlier this month. And finally, I will explain how corporate taxpayers receiving Section 1603 cash grants in lieu of renewable energy tax credits may be subject to the alternative minimum tax on such grants. Corporate taxpayers receiving Section 1602 cash  grants in lieu of low-income housing tax credits could be facing a similar issue.