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News
The New Markets Tax Credit (NMTC) Coalition is circulating a sign-on letter to leaders in Congress seeking the extension of the NMTC. Organizations can sign on to the letter, which calls for a permanent extension and expansion of the NMTC along the lines of the New Markets Tax Credit Extension Act.
Democratic presidential candidate Pete Buttigieg today released a plan that includes spending $430 billion on affordable housing measures. Buttigieg’s plan includes more investment in low-income housing tax credits, as well more investment in the Housing Trust Fund, Capital Magnet Fund, and the U.S. Department of Housing and Urban Development’s HOME funds and Community Development Block Grants.
Rep. Rashida Tlaib, D-Mich., this week sent a letter to the chairman of the House Ways and Means Committee and chairs of the subcommittees of the House Committee on Financial Services and House Committee on Oversight and Reform, to request an investigative hearing on whether political contributions influenced the designation of opportunity zones (OZs).
Forty members of the House of Representatives sent a letter this week to House Speaker Nancy Pelosi, D-Calif., and Ways and Means Committee Chairman Richard Neal, D-N.Y., asking them to find a “path forward” for expired clean energy tax incentives. The letter specified the biodiesel, alternative fuel vehicle refueling property and second-generation biofuel producer tax credits.
The Internal Revenue Service today issued the inflation-adjusted amounts for states’ low-income housing tax credit (LIHTC) and private activity bonds (PAB) for 2020. Revenue Procedure 2019-44 sets the state ceiling for the LIHTC at the greater of $2.8125 multiplied by the state population or $3,217,500. The per-capita number is an increase of 2 percent over 2019 and the state minimum is an increase of $50,625.
Reps. Ron Kind, D-Wis., Mike Kelly, R-Pa., and Terri Sewell, D-Ala., today introduced legislation to establish a reporting framework, disclosure requirements and a penalty structure for qualified opportunity funds (QOFs).
A U.S. District Court ruled this week that a company’s previous historic tax credit (HTC) investments and dealings with the Internal Revenue Service (IRS) concerning those investments are not relevant to a current breach-of-contract lawsuit. The U.S. District Court for the Middle District of Louisiana concluded in Chevron TCI Inc. v.
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