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News
A 10 percent tax credit for investments in the state’s opportunity zones is part of the fiscal year 2020-21 budget signed by Gov. Mike DeWine. The credit, originally part of S.B. 8, is for investments in qualified opportunity funds that hold 100 percent of invested assets in Ohio. There is a $1 million cap per taxpayer for each fiscal biennium and a statewide cap of $50 million per fiscal biennium.
Rep. Al Lawson, D-Fla., and 14 co-sponsors introduced legislation to strengthen enforcement of inspections in housing subsidized by the U.S. Department of Housing and Urban Development (HUD). A press release from Lawson’s office said that H.R. 3745, The HUD Inspection Act of 2019, would create tougher standards for required physical conditions and provide HUD with greater enforcement authority.
The U.S Department of Housing and Urban Development’s (HUD’s) Office of Multifamily Housing issued a memorandum reminding owners and management agents of private HUD-assisted multifamily properties of existing guidance regarding obligations to residents.
Rep. Denny Heck, D-Wash., and nine other members of the House of Representatives introduced legislation that if enacted would direct the Community Development Financial Institutions (CDFI) Fund to perform outreach to underserved low-income communities and to encourage investment in Indian country through the New Markets Tax Credit (NMTC) program. The Aiding Development of Vital Assets in Native Communities and Environments Act of 2019 (H.R.
A coalition of nearly 1,000 solar companies sent a letter to Congress this week calling for multiyear extensions for the renewable energy investment tax credit (ITC) and the Internal Revenue Code Section 25D credit for residential energy efficient property. The Solar Energy Industries Association headlined the effort. Unless Congress acts, the 30 percent ITC will begin a phasedown at the beginning of 2020.
The Internal Revenue Service (IRS) will publish in Friday’s Federal Register its final regulations concerning the tax treatment of lessees of investment credit property following an election under Internal Revenue Code Section 50(d)(5).
The New Markets Tax Credit (NMTC) Coalition today released its annual report on the NMTC, which includes a survey of community development entities (CDEs). The “New Markets Tax Credit Progress Report” says that the surveyed CDEs used $3.2 billion in NMTC allocation in 2018 to finance 286 developments in 48 states, Puerto Rico and the District of Columbia, with $61 billion in investment to low-income communities.
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