Recent News
The Internal Revenue Service (IRS) yesterday released proposed regulations on the base erosion and anti-abuse tax (BEAT). The BEAT is an alternative tax applicable to large corporations with significant multinational operations, and in some cases could limit the ability of tax credit investors to utilize their tax credits to reduce their BEAT liability.
The Montana state Senate will consider legislation that would create a state workforce housing tax credit in 2022 that largely mirrors the federal Low-Income Housing Tax Credit (LIHTC) program. State Sen. Maggie MacDonald introduced SB 18, which would establish an annual allocation of up to $8.5 million in state credits, which would be allocated to match 4 percent federal LIHTC allocations, beginning Jan. 1, 2022.
President Donald Trump this week announced his intention to nominate Mark Calabria as the director of the Federal Housing Finance Agency (FHFA). Calabria, who would succeed Mel Watt as the FHFA chief, is currently the chief economist for Vice President Mike Pence and previously served as a senior aide on the Senate Banking Committee and as deputy assistant secretary for regulatory affairs at the U.S. Department of Housing and Urban Development. The FHFA oversees Fannie Mae and Freddie Mac. Calabria must be confirmed by the U.S. Senate for the five-year term.
Rep. Kevin Brady, R-Texas, chairman of the House Ways and Means Committee, today introduced a retooled year-end tax relief package that continues to include a provision to clarify that veterans are a specified group for purposes of the low-income housing tax credit. The legislation also includes disaster tax relief and several minor, time-sensitive technical corrections to the tax reform legislation passed last year.
The Internal Revenue Service today issued Revenue Procedure 2018-59, which provides a safe harbor for taxpayers to treat certain infrastructure trades or businesses as real property trades or businesses solely to qualify under Internal Revenue Code Section 163(j)(7)(B). That election makes the expense not subject to the limitation on business interest expense in the 2017 tax reform legislation.
Recent Updates
