All News

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.

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.

Wednesday, March 18, 2020

The Internal Revenue Service today issued Notice 2020-17, extending the April 15 tax payment deadline to July 15, up to specific thresholds. Tax returns are still due April 15, but individual taxpayers can postpone up to $1 million in federal income tax payments while corporate taxpayers can postpone up to $10 million in federal income tax payments.

Wednesday, March 18, 2020

The federal historic tax credit (HTC) resulted in more than $5.7 billion in private investment in historic and community revitalization in fiscal year 2019 (FY 19), according to an annual report released last week by the National Park Service (NPS).

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.

Saturday, March 14, 2020

The House of Representatives today passed sweeping coronavirus relief legislation, which was endorsed by President Donald Trump and goes to the Senate on Monday. H.R. 6201 would expand testing for COVID-19, include paid sick leave for employees at companies with 500 or fewer employees, provide a tax credit against self-employment tax and provide approximately $1 billion for food security programs. The bill passed by a 363-40 vote.

Tuesday, March 10, 2020

A bill introduced today, the Revitalizing Economies, Housing and Businesses (REHAB) Act of 2020, would create a rehabilitation tax credit of 15 percent to 25 percent for buildings that are more than 50 years old and are within a half-mile of a public transportation center. Reps.

Tuesday, March 10, 2020

Legislation introduced in the Tennessee Legislature would create a state historic tax credit (HTC) worth 10 percent to 35 percent of qualified rehabilitation expenses (QREs). The Tennessee Historic Buildings Revitalization Act (S.B. 2837) would provide a HTC for certified historic structures placed in service on or after Jan. 1, 2022. The state HTC incentive amount would be based on the economic distress of each county, categorized by tier designations.

Monday, March 9, 2020

The Advisory Council on Historic Preservation (ACHP) will hold its quarterly meeting Friday at 8:30 a.m. in the Russell Senate Office Building in Washington, D.C. The agenda includes updates on Section 106 issues, including updates on National Register and National Environmental Policy Act regulations. ACHP meetings are open to the public.

Thursday, March 5, 2020

An opinion released by the Texas attorney general this week states that a nonprofit entity can qualify for and obtain the state historic tax credit (HTC), provided it meets certain requirements. Those requirements include that the time remaining on the lease equals or surpasses 39 years on the date the rehabilitation is complete and that the qualifying costs and expenditures are directly borne by the applicant.

Tuesday, March 3, 2020

Legislation in New York would allow small historic rehabilitation projects to receive a state historic tax credit (HTC) worth 150 percent of the federal HTC amount. A.B. 5760 (and S.B. 3645, a companion bill) would grant the bonus state tax credit to properties with qualified rehabilitation expenses of $5 million or less. The change would be effective for taxable years beginning on or after Jan. 1, 2021.

Tuesday, March 3, 2020

Legislation in the New York state Senate would increase the transaction cap for the state historic tax credit for fiscal years 2020-2021 and 2021-2022. S.B. 7928 would set the cap at $7 million for 2020-2021 and $9 million for 2021-2022. The cap is currently $5 million annually.

Monday, February 10, 2020

The White House today released its proposed $4.8 trillion budget for fiscal year (FY) 2021 that includes an $8.6 billion (15 percent) decrease in funding for the U.S. Department of Housing and Urban Development (HUD), with the elimination of the Community Development Block Grant and HOME Investments Partnership programs.

Wednesday, January 29, 2020

House Ways and Means Democrats today released a five-year, $760 billion infrastructure framework. The Moving Forward Framework would expand existing infrastructure tax credits and create new credits to improve infrastructure investment, including investments driven by the new markets tax credit, low-income housing tax credit and historic rehabilitation tax credit. The Ways and Means Committee has a scheduled hearing today at 1:30 p.m.

Tuesday, January 28, 2020

A report by the Joint Committee on Taxation discusses the ability to use private activity bonds (PABs), new markets tax credits (NMTCs) and the opportunity zones incentive to fund infrastructure projects.

Monday, January 27, 2020

A bill introduced in the Kentucky House of Representatives would increase the annual overall and transaction-level state historic tax credit (HTC) ceiling and make properties in rural counties eligible for the maximum percentage. H.B. 325 would increase the annual statewide cap from $5 million to $30 million starting April 30, 2020.