All News

Wednesday, June 3, 2020

The Office of the Comptroller of the Currency released Tuesday a list of Community Reinvestment Act (CRA) performance evaluations made in May. Of the 17 CRA evaluations made public, 14 were satisfactory and three were outstanding. The list includes national banks, federal savings associations and insured federal branches of foreign banks.

Wednesday, May 20, 2020

The Office of the Comptroller of the Currency (OCC) today published a final rule amending Community Reinvestment Act (CRA) regulations, six weeks after the comment period closed on the proposed rule, which received more than 7,500 comments.

Tuesday, May 12, 2020

House Democrats today unveiled a $3 trillion COVID-19 relief bill, their proposal for “Phase 4” of pandemic relief legislation. The Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act would provide nearly $1 trillion to state and local governments to avert layoffs and $200 billion in hazard pay for essential workers.

Monday, May 4, 2020

The Internal Revenue Service issued a notice that clarifies that taxpayers are not allowed a deduction for an expense if payment of the expense results in forgiveness of a Paycheck Protection Program (PPP) loan, and the income associated with the forgiveness is excluded from gross income.

Monday, May 4, 2020

The Office of the Comptroller of the Currency released a list of Community Reinvestment Act performance evaluations from April. Of the 20 national banks, federal savings associations and insured federal branches of foreign banks that were evaluated, 16 were rated satisfactory and four were rated outstanding.

Thursday, April 30, 2020

The Internal Revenue Service will publish a revenue procedure May 18 to temporarily allow taxpayers to electronically submit requests for private letter rulings and other guidance. Revenue Procedure 2020-29 modifies an earlier revenue procedure and will allow both paper and electronic requests for advice until Revenue Procedure 2020-29 is modified or superseded.

Wednesday, April 22, 2020

The House of Representatives is expected to vote Thursday morning on a $484 billion COVID-19 relief bill that includes $380 billion for small businesses, $75 billion for hospitals and $25 billion for disease testing.

Thursday, April 9, 2020

Three tax incentive working groups led by Novogradac submitted comment letters to the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation, asking the agencies to make significant changes to their joint notice of proposed rulemaking for Community Reinvestment Act (CRA) regulations.

Tuesday, April 7, 2020

The National Low Income Housing Coalition (NLIHC) today released an analysis showing that Congress must invest up to $100 billion over the next year to keep lowest-income households stably housed in the wake of the COVID-19 pandemic.

Monday, April 6, 2020

The Office of the Comptroller of the Currency last week made public 28 Community Reinvestment Act performance evaluations from March. Twenty-two evaluations were satisfactory and six were outstanding. The evaluations were for national banks, federal savings associations and insured federal branches of foreign banks.

Friday, March 27, 2020

President Donald Trump today signed the Coronavirus Aid, Relief and Economic Security (CARES) Act (Senate Amendment to H.R. 748), a $2 trillion bill that includes financial aid to individuals, businesses, nonprofits and state and local governments.

Friday, March 27, 2020

The House of Representatives today passed the Coronavirus Aid, Relief and Economic Security (CARES) Act (Senate Amendment to H.R. 748), by a voice vote, sending the bill to President Donald Trump, who has said he would immediately sign the legislation. The $2 trillion bill includes financial aid to individuals, businesses, nonprofits and state and local governments.

Thursday, March 26, 2020

The House of Representatives will take up discussion of the Coronavirus Aid, Relief and Economic Security (CARES) Act (Senate Amendment to H.R. 748), after the Senate passed the COVID-19 relief legislation by a 96-0 vote last night. The House is expected to vote by Friday and President Donald Trump has said he would sign the legislation.

Wednesday, March 25, 2020

Novogradac’s Michael J. Novogradac, CPA, and Peter Lawrence detail in a blog post provisions of the nearly $2 trillion COVID-19 legislation that the U.S. Senate is considering. The post explains provisions in the so-called Phase 3 COVID-19 legislation concerning individuals and businesses, and provides an overview of supplemental appropriations in the legislation.

Thursday, March 19, 2020

President Donald Trump signed legislation late Wednesday that includes free testing for COVID-19, paid leave benefits for many workers and a boost in unemployment and food assistance. The Families First Coronavirus Response Act (H.R. 6201) was passed by both chambers of Congress and signed into law in seven days.

Thursday, March 19, 2020

The three agencies that oversee compliance with the Community Reinvestment Act (CRA) today released a letter encouraging financial institutions to work with customers and communities affected by the COVID-19 pandemic, particularly in low- and moderate-income communities.

Wednesday, March 18, 2020

The U.S. Senate today passed legislation that includes free testing for COVID-19 and paid leave benefits for many Americans affected by the pandemic, sending the legislation to President Donald Trump’s desk.

Monday, March 16, 2020

Novogradac has a new web page with legislation, guidance and other information on how federal and state responses to the COVID-19 pandemic affect affordable housing, community development and renewable energy communities. There are sections dedicated to the low-income housing tax credit, the U.S.

Thursday, March 5, 2020

The Office of the Comptroller of the Currency this week released a list of Community Reinvestment Act performance evaluations made public in February. Of 19 evaluations made public, 18 were satisfactory and one was outstanding. The list contains only national banks, federal savings associations and insured federal branches of foreign banks.

Monday, March 2, 2020

The Office of the Comptroller of the Currency (OCC) released its schedule of Community Reinvestment Act (CRA) evaluations to be conducted in the second and third quarter of 2020. The OCC encourages comment on the national banks and federal savings associations that will be evaluated under the CRA.