September 7, 2010

Published by Michael Novogradac on Tuesday, September 7, 2010 - 9:30am

Michael J. Novogradac, CPA, shares an update on the status of tax extenders; reviews the latest QEI report issued for the new markets tax credit program; discusses three LIHTC topics: a letter submitted to banking regulators
suggesting improvements to the Community Reinvestment Act rules, a ruling from the IRS related to related to the timing of redemption of bonds used to meet the 50 percent test, and the Federal Housing Finance Agency’s 2011 housing
goals for Fannie Mae and Freddie Mac. Moving on to historic tax credits, he highlights a new law that is expected to help banks and insurance companies more readily use New York State Rehabilitation Tax Credits. On the renewable
energy front he considers the possible impact of financial regulatory reform on a banks’ ability to invest in renewable energy tax credits. Finally, he closes with some tax credit tidbits.