November 22, 2011

Published by Michael Novogradac on Tuesday, November 22, 2011 - 10:30am

Michael J. Novogradac, CPA, discusses the failure of the Super Committee and building momentum for tax extenders. He shares news about the New Markets Tax Credit Extension Act as well as discusses a report that evaluates new markets tax credits’ effect on inner cities. In historic tax credit news, he highlights the job creation benefits being provided by the Minnesota Historic Rehabilitation Tax Credit. In renewable energy news, he describes a letter that the Governors’ Wind Energy Coalition sent to Congressional leaders urging the extension of the PTC as well as the provisions of the STORAGE Act, which would provide a tax credit for investment in energy storage property. In low-income housing tax credit news, he discusses the distribution of 2011 national pool tax credits, some major provisions of the 2012 HUD appropriations bill and a notice that clarifies the conditions under which not-for-profit owners can retain the proceeds from the sale of FHA-insured or HUD-held, formerly FHAinsured multifamily properties.