Tax Credit Tuesday Podcasts

Each Tax Credit Tuesday, Novogradac & Company LLP's audio broadcast offers an in-depth weekly look at tax credit topics. A new episode is posted here and on the RSS Feed by 1 p.m. Pacific Time every Tuesday.

Published by Michael Novogradac on November 5, 2019

In this week’s Tax Credit Tuesday Podcast, Michael J. Novogradac, CPA, talks about the HUD appropriations bill for 2020 that was passed by the Senate as well as a more general status of 2020 appropriations legislation. He also discusses Fannie Mae and Freddie Mac’s duty-to-serve requirements and how they exceeded their 2018 requirements. Next, he discusses the 2019 low-income housing tax credit national pool, then he shares insight into the IRS draft Form 8996 that was recently released for qualified opportunity funds. Then, he talks about the Housing for Homeless Students Act of 2019 and the California Debt Limit Allocation Committee’s recommendation to make the February 2020 round for tax-exempt bonds competitive. Finally, he discusses an extension of the North Carolina state historic tax credit.

Published by Michael Novogradac on October 29, 2019

In this week’s Tax Credit Tuesday Podcast, Michael J. Novogradac, CPA, discusses highlights from the Novogradac 2019 Opportunity Zones Fall Conference, and shares an update on the Novogradac Opportunity Funds Listing. Then, he talks about comment letters that the Novogradac OZ Working Group sent to the Federal Reserve and the OCC. Next, he shares some insight on recently announced 2020 DDAs and QCTs, and discusses a recent report on HUD’s Rental Assistance Demonstration. He then talks about the Council of Development Finance Agencies report on multifamily and single-family tax-exempt private activity bond issuance for 2018, and companion bills, known as the HOME Act that were introduced in Congress. Next he discusses the FHFA request for public comment on proposed changes to Fannie Mae and Freddie mac, and talks about HUD’s announcement that the Real Estate Assessment Center will not adopt the Accounting Standards Update 2016-18. Then he shares insight into a letter sent to Congress from 231 mayors asking for passage of the Renewable Energy Extension Act, and discusses Oklahoma and Missouri state historic tax credit rulings and updates. Finally, he talks about an opportunity zones initiative launched in Virginia.

Published by Michael Novogradac on October 22, 2019

In this week’s Tax Credit Tuesday Podcast, Michael J. Novogradac, CPA, talks about the introduction of the Senate version of the Historic Tax Credit Growth and Opportunity Act, or the HTC-GO Act. Then he talks about HUD’s release of difficult development areas and qualified census tracts for 2020, and introduction of Sen. Kamala Harris’ Ending Homelessness Act of 2019. Next he shares highlights from the Novogradac 2019 New Markets Tax Credit Fall Conference, including keynote speakers and informative panels on the extension of the new markets tax credit incentive through 2020. He also shares information on the Home Energy Savings Act (S. 2588) to extend the Section 25C credit and the New Home Energy Efficiency Act (S. 2595) to extend the Section 45L tax credit. Finally, he discusses House Bill 532 for opportunity zones investments in Wisconsin, and shares what to expect at the Novogradac 2019 Opportunity Zones Fall Conference.

Published by Michael Novogradac on October 15, 2019

In this week’s Tax Credit Tuesday Podcast, Michael J. Novogradac, CPA, gives an update for the IRS priority guidance plan for 2019-2020. Then talks about Brian Montgomery’s expected nomination for HUD Deputy Secretary, and shares an update on the fourth revision to the Rental Assistance Demonstration Program. Next he talks about opportunity zone news including anticipated opportunity zones regulations updates, a HUD-proposed opportunity zones certification form and funding granted by the Department of Education to help schools in opportunity zones. He then talks about the 2019 Novogradac Opportunity Zones Fall Conference, and the housing plans of two Democratic presidential candidates, Michael Bennet and Beto O’Rourke. He discusses HUD’s shutdown contingency plan and the establishment of an expedited review process for relief requests from HUD requirements for public housing agencies in major disaster areas. He also talks about the Rural Housing Preservation Act of 2019. Finally, he shares two updates from the state of California on the state historic tax credit and final proposed regulations for the California state LIHTC.

Published by Michael Novogradac on October 8, 2019

In this week’s Tax Credit Tuesday Podcast, Michael J. Novogradac, CPA, talks about draft forms and instructions for forms 1040 and 1099-B relating to opportunity zones, and the White House Opportunity and Revitalization Council’s website for stakeholders that launched last week. Then he provides an update on when we can expect updated regulations for opportunity zones to be released, and mentions that issues concerning updated regulations have been discussed in a blog post and will be discussed in an upcoming conference. Next he shares highlights from the Novogradac 2019 Credit and Bond Financing for Affordable Housing Conference including Developments of Distinction award winners and important information from panel discussions and sessions including a case study of the average income test. After that, he discusses new model forms for state compliance agencies released by the National Council of State Housing Agencies, and upgrades in how much Freddie Mac and Fannie Mae can retain in capital reserves as a step towards moving them out of conservatorship. Then, he talks about the updated new markets tax credit application and FAQ released by the CDFI Fund, and legislation that was introduced to reinstate the Section 45L credit that expired at the end of 2017. Finally, he talks about a Wisconsin bill that was introduced to increase the tax benefit for investors in qualified opportunity funds.

Published by Michael Novogradac on October 1, 2019

In this week’s Tax Credit Tuesday Podcast, Michael J. Novogradac, CPA, talks about the stopgap funding bill that prevented a government shutdown and will keep the government funded through Nov. 21. Then he shares highlights from the Novogradac 2019 Historic Tax Credit Conference in St. Louis, including insights from Sen. Bill Cassidy’s keynote address. After that, he discusses the summary of the annual historic tax credit investment report by Rutgers University and the National Parks Service, and shares guidance updates from the IRS on the Section 199A deduction. He then shares insight on the draft IRS Form 8997 for opportunity fund investments, and news on HUD and FHA incentives for hospitals and care facilities in opportunity zones. Next, he discusses a comment letter that was submitted by a group of state economic development officials to the IRS on proposed rules for investing in qualified opportunity funds. Finally, he shares news on amendments to the Missouri state historic tax credit program.

Published by Michael Novogradac on September 24, 2019

In this week’s Tax Credit Tuesday Podcast, Michael J. Novogradac, CPA, talks about Congressional efforts to avoid a government shutdown on Oct. 1. After that, he shares details on proposed appropriations funding for HUD for fiscal year 2020, then provides an update with details about the Novogradac Opportunity Funds Listing. He also talks about HUD’s proposed rule change to implement provisions of the Housing Opportunity Through Modernization Act, shares what cities received Choice Neighborhoods awards, and provides an update about an IRS notice providing relief for low-income housing tax credit properties in areas of California hit by last year’s wildfires. He also shares about a California state historic tax credit and efforts in Michigan to promote opportunity zones.

Published by Michael Novogradac on September 17, 2019

In this week’s Tax Credit Tuesday Podcast, Michael J. Novogradac, CPA, talks about Congressional efforts on a continuing resolution bill to fund the federal government past the Sept. 30 deadline. After that, he’ll talk about a hearing on housing reform finance plans, followed by a discussion of three bills: one to encourage property sales to public housing authorities, one to incentivize building more housing near transit and another to expand and extend the energy-efficient new home credit. He’ll also share insight on final regulations on 100 percent expensing under Section 168(k), as well as information about updated certification requirements for the CDFI program and the Native American CDFI Assistance applicants. He’ll close with information from California on opportunity zone conformity legislation, a rent control bill that passed the legislature and a survey on the state’s expanded low-income housing tax credit.

Published by Michael Novogradac on September 10, 2019

In this week’s Tax Credit Tuesday Podcast, Michael J. Novogradac, CPA, talks about a plan by House Democrats to consider a continuing resolution to avoid a government shutdown at the end of this month. After that, he’ll discuss Treasury and HUD’s housing finance reform plans for Fannie Mae and Freddie Mac. Then, he’ll share details about a long-awaited notice from HUD that revises and expands its Rental Assistance Demonstration program, followed by news on the opening of the 2019 new markets tax credit allocation round. He’ll also talk about updated opportunity zones frequently asked questions, a request for comment from the Commerce Department on opportunity zones and some analysis on fiscal year 2020 fair market rents. That’s followed by some brief news on Cross Refined Coal LLC and USA Refined Coal LLC vs. the Commissioner of Internal Revenue, a recent tax court ruling that may have implications for tax credit incentive investments. And, he’ll close with the status of California A.B. 10, a proposal to authorize an additional $500 million in state low-income housing tax credits annually for five years.

Published by Michael Novogradac on September 3, 2019

In this week’s Tax Credit Tuesday Podcast, Michael J. Novogradac, CPA, talks about the latest report from the Senate Finance Committee’s Tax Extenders Task Forces, which includes feedback on extension of the new markets tax credit. He also shares an update on cosponsors for the New Markets Tax Credit Extension Act and the Affordable Housing Credit Improvement Act, as well as an overview of the U.S. Department of Housing and Urban Development’s release of fiscal year 2020 fair market rents. He closes out by sharing information about Treasury’s fourth-quarter update on its 2018-2019 priority guidance plan, an upcoming meeting for the CDFI Fund’s advisory board and a grant program to provide incentives for opportunity zones investments in New Mexico.