July 12, 2011

Published by Michael Novogradac on Tuesday, July 12, 2011 - 8:00am

Michael J. Novogradac, CPA, discusses the status of tax reform and deficit reduction talks in Washington, D.C. He also reviews IRS comment invitations related to the LIHTC; shares news of the enactment of Hawaii’s state level LIHTC cash grant exchange program; and discusses California’s second LIHTC application round and the elimination of redevelopment agencies. Next, he provides more information about Section 1603 project audits being conducted by the Office of the Inspector General; reviews an OCC newsletter intended as a guide for national banks seeking to invest in solar energy projects; and discusses the findings of “U.S. Solar Market Trends 2010.” Then, he reviews the provisions of the Creating American Prosperity through Preservation Act of 2011 and its prospects for passage. Finally, he invites NMTCfinanced businesses to sign on to a letter in support of an extension for the new markets tax credit program and examines the most recent QEI Issuance Report.