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News
In a list of answers to frequently asked questions about the opportunity zone incentive the Internal Revenue Service (IRS) today clarified that a taxpayer self-certifies to become a certified qualified opportunity fund for purposes of qualifying for the opportunity zone incentive. In the FAQs, the IRS says it will release a self-certification form in summer 2018 that taxpayers can attach to their federal income tax returns.
U.S. Department of Housing and Urban Development (HUD) Secretary Ben Carson today released the Making Affordable Housing Work Act of 2018, legislative text proposing rent reforms that include rent increases for certain households and would allow public housing agencies (PHAs) and owners to impose work requirements on families and individuals receiving housing assistance.
Gov. Scott Walker signed Senate Bill 668 last week to raise the cap for the Wisconsin state historic tax credit (HTC) from $500,000 to $3.5 million for all projects undertaken on the same parcel, effective July 1. Wisconsin’s state credit had no cap until last fall, when state budget legislation proposed a $5 million project cap. Walker used a line-item veto to reduce the cap to $500,000.
The Novogradac Rent & Income Limit Calculator© has been updated in beta version to include the fiscal year 2018 rent and income limit data released March 30. The Novogradac Rent & Income Limit Calculator© will calculate IRC Section 42(i)(3)(A) low-income housing tax credit rent and income limits for every county and for every metropolitan statistical area in the United States.
The Treasury Department yesterday designated qualified opportunity zones (OZs) in Alabama, Delaware, Missouri, Ohio, Texas and the Northern Marianas Islands. Investors in qualified opportunity funds that make investments in qualified OZs can defer tax on prior gains until no later than Dec. 31, 2026.
The Internal Revenue Service (IRS) will publish Rev. Proc. 2018-22 April 30 to reflect an increase in the state low-income housing tax credit (LIHTC) ceiling enacted through the Consolidated Appropriations Act of 2018. The amended state LIHTC ceiling is the greater of $2.70 multiplied by the state population or $3.105 million. The modifications are in effect for taxable years beginning in 2018.
The U.S. Department of Housing and Urban Development (HUD) and the Justice Department yesterday announced an initiative to increase awareness and reporting of sexual harassment in housing. The three-pronged approach includes an outreach toolkit, a public awareness campaign and an interagency task force between HUD and the Justice Department.
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