September 21, 2010

Published by Michael Novogradac on Tuesday, September 21, 2010 - 10:15am

Michael J. Novogradac, CPA, reviews several general tax credit news items including the Small Business Jobs bill; a tax extenders update; an IRS Notice about economic substance; and the effect of Basel III on tax credit investment by banks. In the LIHTC news corner, he shares information about the 2011 DDAs, last week’s Treasury Meeting of LIHTC stakeholders, and an audit issue affecting some LIHTC not-for-profits. Next, he examines the possible impact of a recent FASB lease accounting proposal on historic tax credit lease pass throughs. On the renewable energy front, he discusses an IRS notice on the tax credit for coal and three new reports about the renewable energy market. Finally, he shares news from the CDFI Fund about a job opportunity.