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Novogradac & Company LLP provides online resource centers that present the most comprehensive and up-to-date information for the affordable housing and community development industries.
News
A bill introduced in the North Carolina Senate would reinstate the state low-income housing tax credit (LIHTC) that expired in 2015. S.B. 588 would allow credits worth varying percentages, depending on the makeup and location of the development, to properties that receive a federal LIHTC allocation.
Legislation to eliminate the sunset date and transaction cap for the West Virginia historic tax credit (HTC) has passed both houses of the state Legislature and awaits the signature of Gov. Jim Justice. S.B. 344 would remove the Dec. 31, 2022 expiration date, as well as all annual caps. Justice can sign or veto the bill. If he does neither, the bill becomes law.
Legislation signed to law in Kentucky creates a specific set-aside in the state historic tax credit (HTC) incentive to spur redevelopment in the west end of Louisville. H.B. 321 provides tax incentives for development in the area and creates a set-side before Dec. 31 for a major HTC development that meets certain qualifications–qualifications that specifically apply to the Seelbach Hotel. Refundable, transferrable HTCs can be claimed on the first $30 million of qualified rehabilitation expenditures on the project.
State budget legislation signed by Virginia Gov. Ralph Northam this month established an annual taxpayer cap and a sunset date for the state historic tax credit (HTC). Virginia H.B. 1800 allows taxpayers to claim no more than $5 million per year in state HTCs and establishes a June 30, 2025, sunset date for all tax credits. Virginia previously had no sunset date on its HTC.
The Internal Revenue Service (IRS) will publish in Wednesday’s Federal Register a notice of proposed rulemaking for the opportunity zones (OZ) incentive that provides flexibility in the 24-month extension of the working capital safe harbor in the case of federally declared disaster areas. The proposed rule would allow qualified OZ businesses to revise or replace the original written designation and written plan and remain eligible for the safe harbor, provided that the remaining working capital assets are expended within the original 31-month period, increased by the 24 additional months provided.
The Louisiana Department of Revenue issued guidance last week explaining changes to the state’s historic tax credit (HTC) as a result of H.B. 4, signed into law in July 2020. Louisiana Revenue Information Bulletin No. 21-010 formalizes the new $125 million annual statewide cap starting Jan. 1, 2021, (previously, there was no annual cap) and clarifies that unused credits can be rolled over to subsequent years. The guidance also establishes that the Department of Culture, Recreation and Tourism is required to adopt rules for how to reserve credits.
President Joe Biden released a $1.5 trillion federal spending outline for fiscal year 2022 today, a discretionary funding request that includes $68.7 billion for the U.S. Department of Housing and Urban Development (HUD), an increase of 15% over 2021 levels. The outline also requests $330 million for the U.S. Treasury’s Community Development Financial Institutions (CDFI) Fund, a 21% increase from 2021 levels.
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