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A Novogradac special report released today examines the implications of a Democratic sweep of the House of Representatives, Senate and White House in November’s election.
The Federal Reserve Board today unanimously approved an advance notice of proposed rulemaking (ANPR) and published a press release on an approach to modernize Community Reinvestment Act (CRA) regulations.
The Office of the Comptroller of the Currency (OCC) this week released 20 Community Reinvestment Act (CRA) performance evaluations for August.
The Office of the Comptroller of the Currency (OCC) today published a community developments fact sheet explaining the opportunity zones (OZ) incentive to national banks and federal savings associations, including how OZ activities may be used to support a bank’s community and economic development strategies.
Nine national banks, federal savings associations and insured federal branches of foreign banks received outstanding Community Reinvestment Act (CRA) performance evaluations in July from the Office of the Comptroller of the Currency, the OCC announced today. The other 21 evaluations made in July were satisfactory.
The Office of the Comptroller of the Currency released a list of 21 Community Reinvestment Act (CRA) performance evaluations made in June, with 11 rated satisfactory, nine outstanding and one as needs to improve. The list includes national banks, federal savings associations and insured federal branches of foreign banks.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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