President Joe Biden today signed into law the Inflation Reduction Act (IRA), a $750 billion budget reconciliation bill that includes $369 billion in clean and renewable energy provisions that feature extensions of the renewable energy production tax credit (PTC) and investment tax credit (ITC).
The Federal Housing Finance Agency (FHFA) published in today’s Federal Register a new methodology and new benchmark levels for multifamily housing goals for Fannie Mae and Freddie Mac for 2023 and 2024. The proposed rule would set a percentage of Fannie and Freddie’s annual multifamily loan acquisitions to be affordable to each of three different categories. The low-income goal would be 61%, very-low-income subgoal would be 12% and the low-income small multifamily subgoal would be 2%. Previously, the FHFA set unit numerical targets for multifamily housing goals. The FHFA in December 2021 proposed benchmark levels for only 2022, due to market uncertainty resulting from the COVID-19 pandemic. Comments will be accepted on the proposed rule through Oct. 17.
The U.S. House of Representatives today approved a $740 billion budget reconciliation bill that includes $369 billion in clean and renewable energy provisions as well as a 15% corporate minimum tax on book income. President Joe Biden is expected to sign the bill into law today. The legislation extends the renewable energy production tax credit (PTC) and investment tax credit (ITC), and expands the 30% ITC for stand-alone energy storage and interconnection property. The House approved the bill along party lines after the Senate approved it 51-50, with Vice President Kamala Harris providing the tie-breaking vote.
Legislation enacted last week in Virginia will increase the annual allocation of state-level low-income housing tax credits (LIHTCs) from $15 million to $60 million and require that $20 million annually be allocated to properties in towns with populations of 35,000 or fewer. S.B. 47 also provides that the Virginia housing opportunity tax credits be taking ratably over 10 years. The Virginia state LIHTC was enacted in April 2021 with a $15 million annual cap and is effective for tax years before Jan. 1, 2026.
In a party-line vote, the U.S. Senate advanced sweeping $700 billion-plus legislation Sunday that includes $369 billion in clean and renewable energy provisions, including extensions of the production tax credit (PTC) and investment tax credit (ITC) for facilities that start construction after Jan. 1, 2022, and before Jan. 1, 2025. Under the reconciliation bill, the PTC is extended at $26 per megawatt-hour, adjusted by inflation annually, while the ITC is extended at 30% for projects that adhere to labor requirements on prevailing wages and apprenticeship programs. The legislation includes many other green energy provisions, including the expansion of the 30% ITC for stand-alone energy storage and interconnection property. The bill now goes to the House of Representatives, which will take up debate Friday.
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