May 5, 2020

Published by Michael Novogradac on Tuesday, May 5, 2020 - 3:00pm

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.