Properties financed by equity from the federal historic tax credit (HTC) generated 135,000 jobs and $8 billion in total rehabilitation investment in 2021, according to the Annual Report on the Economic Impact of the Historic Tax Credit for Fiscal Year 2021, released today by Rutgers University and the National Park Service. The jobs total was up 10.6% and the investment total was up 9.5% over the reported 2020 totals. The NPS certified 1,063 completed historic rehabilitation projects in fiscal year 2021 and approved another 1,098 proposed projects. According to the report, 44% of the projects in 2021 were in low- and moderate-income census tracts and 78% were in economically distressed areas. The report states that the HTC has produced more than 3 million jobs since 1979 and has led to an additional $60.7 billion in federal, state and local taxes.
Novogradac has resources available for private companies and nonprofits affected by Accounting Standards Codification (ASC) 842, which changed lease accounting standards. The change–which took effect Jan. 1 for fiscal years beginning after Dec. 15, 2021–affects the way certain contracts are accounted for under generally accepted accounting principles, particularly entities that are lessees. Rather than disclosing operating leases in notes to financial statements, but not on balance sheets, the new guidance requires lessees to record a right-of-use asset for the leased asset and a corresponding lease liability equal to the financial obligation over the lease term, as well as new disclosure requirements.
The Financial Accounting Standards Board (FASB) today released an exposure draft of a proposed accounting standards update that would allow the expanded use of the proportional amortization method to account for investments in tax credit structures.
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 Pennsylvania Department of Community and Economic Development (PA DCED) Aug. 3 announced $5 million in state historic tax credits (HTCs) awarded to 25 recipients for the fiscal year 2021-2022 round. PA DCED in a blog post estimated the properties will generate $177 million in rehabilitation expenditures. The next awards round will open Oct. 1.
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