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News
The U.S. Court of Federal Claims issued an opinion Jan. 7 that ordered a wind energy developer to pay back more than $5.6 million in Internal Revenue Code Section 1603 cash grants. The court sided with a Department of Treasury’s claim that the wind energy developer inappropriately calculated the grant amount for which it should qualify.
California Gov. Gavin Newsom today published his 2019-2020 proposed budget summary, which would include conforming state law to federal law allowing for deferred and reduced taxes on capital gains in opportunity zones (OZs) for investments in green technology or in affordable housing, and for excluding gains on such investments in OZs held for 10 or more years.
California Gov. Gavin Newsom last week published his proposed 2019-2020 budget summary, which includes expanding the state low-income housing tax credit (LIHTC) to $500 million beginning in 2019, with $300 million of authority allocated to the existing state LIHTC program and the remaining $200 million earmarked for a new program to house households earning between 60-80 percent of the area median income.
Rep. Joe Neguse, D-Colo., Thursday introduced the Solar Expansion of Distributed Generation Exponentially (Solar EDGE) Act.
The California Tax Credit Allocation Committee (CTCAC) has scheduled application-training workshops for those interested in submitting applications for 2019 low-income housing tax credits. The workshops are Jan. 17 in Sacramento, Jan. 18 in Oakland, Jan. 22 in San Diego, Jan. 23 in Los Angeles and Jan. 24 in Pasadena. Participants can ask questions and discuss issues with CTCAC staff.
The Internal Revenue Service (IRS) today announced the cancellation due to the ongoing government shutdown of a public hearing on proposed regulations for opportunity zones. The public hearing was originally scheduled for Thursday, but will be rescheduled for at least two weeks after appropriations for the Department of the Treasury are restored. The IRS notice will be published in the Federal Register.
Rep. Dwight Evans, D-Pa., introduced a bill to allow rehabilitation expenses on older public school buildings to qualify for the federal historic tax credit (HTC). H.R. 158 would remove the prior-use restriction from the HTC that makes it impossible for local governments to collaborate with private developers on school renovations. Similar legislation was proposed in 2012.
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