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Friday, April 27, 2018

The Internal Revenue Service (IRS) and Treasury Department today published Notice 2018-43 to invite public recommendations on what should be included in the 2018-2019 priority guidance plan. The 2018-2019 priority guidance plan will identify which guidance projects that Treasury and the IRS will prioritize from July 1, 2018, to June 30, 2019. The deadline to submit recommendations for possible inclusion in the original 2018-2019 priority guidance plan is June 15.

Monday, April 23, 2018

Gov. Scott Walker signed Senate Bill 668 last week to raise the cap for the Wisconsin state historic tax credit (HTC) from $500,000 to $3.5 million for all projects undertaken on the same parcel, effective July 1. Wisconsin’s state credit had no cap until last fall, when state budget legislation proposed a $5 million project cap. Walker used a line-item veto to reduce the cap to $500,000.

Monday, April 9, 2018

The Treasury Department today designated qualified opportunity zones (OZs) in 15 states and three territories, the first such designations made after the creation of the areas by H.R. 1.

Friday, April 6, 2018

The final New York state fiscal year 2019 budget legislation includes a five-year extension for the state historic tax credit (HTC) and rejects Gov. Andrew Cuomo’s proposal to limit tax credit claims to $2 million per year and defer the ability of taxpayers to claim the balance until 2021.

Thursday, March 29, 2018

Illinois state Rep. Michael Halpin introduced legislation to create a state historic tax credit (HTC), effective Jan. 1, 2019 through Dec. 31, 2029. The Bicentennial Mississippi River Region Redevelopment Historic Tax Credit would be for 25 percent of qualified rehabilitation expenses and would apply to properties in 34 of the state’s 102 counties. The aggregate limit per county would be $30 million for three of the counties and $15 million for the other 31.

Tuesday, March 13, 2018

The National Park Service (NPS) issued 1,501 preliminary certifications of rehabilitation with nearly $9.1 billion in rehabilitation costs under the federal Historic Tax Credit (HTC) program in fiscal year 2017 (FY17), according to the annual report released today by the National Park Service (NPS).

Monday, February 12, 2018

President Donald Trump’s proposed $4.4 trillion fiscal year 2019 (FY 2019) budget would cut by 18 percent U.S. Department of Housing and Urban Development (HUD) programs and would eliminate the HOME Investment Partnerships program, Community Development Block Grant program and Public Housing Capital Fund. Funding for HUD would be $6.8 billion less than annualized funding levels as per the continuing resolution for FY 2018 under the proposed FY 2019 budget.

Friday, February 9, 2018

President Trump today ended a brief government shutdown by signing the Bipartisan Budget Act of 2018, a two-year, $300 billion increase to the defense and nondefense spending caps for fiscal years 2018 and 2019.

Wednesday, February 7, 2018

The Department of Treasury today released a second-quarter update to its 2017-2018 Priority Guidance Plan. Guidance for Opportunity Zones created under the new tax law was added in this update.

Wednesday, February 7, 2018

The Maryland Department of Planning has adopted amended regulations for its state historic tax credit, effective Feb. 12. The amendments clarify that qualified rehabilitation expenditures are the amount undertaken after approval of a rehabilitation plan. The regulations clarify that procedures for application for and review of certification of eligibility of the structure apply to amendments to the application as well as the original application.

Thursday, January 11, 2018

A bill filed by Missouri state Sen. Daniel Hegeman this week would reduce the annual cap on the state historic tax credit (HTC) from $140 million to $50 million, effective July 1. SB 590 would also make the state HTC discretionary, limit the credit to the least amount required for a project to be feasible (with a maximum of 25 percent of eligible costs) and make residential structures ineligible for the credits. The legislation was referred to a committee.

Thursday, January 11, 2018

Forty-nine Wisconsin state Legislators introduced a bill to increase the cap on state historic tax credits (HTCs) from $500,000 to $3.5 million for a single parcel. AB793 was referred to the state Committee on Ways and Means. Gov. Scott Walker used his line-item veto authority last year to reduce the state single-parcel cap from $5 million to $500,000.

Thursday, January 11, 2018

The Alabama Department of Revenue implemented rules effective Feb. 19 concerning improperly obtained state historic tax credits (HTCs) and the recapture of state HTCs. The rules clarify liability for improperly obtained credits and spells out that recapture will be proportionate to the recapture of federal HTCs.

Friday, December 22, 2017

President Donald Trump today signed the Tax Cuts and Jobs Act (H.R. 1). The legislation, which goes into effect Jan. 1, 2018, preserves the low-income housing tax credit (LIHTC), tax exemption for private activity bonds, the 2018 and 2019 new markets tax credit (NMTC) allocation application rounds, a revised historic tax credit (HTC) and existing phasedowns for the renewable energy investment tax credit (ITC) and production tax credit (PTC).

Wednesday, December 20, 2017

The House of Representatives today passed the Tax Cuts and Jobs Act (H.R. 1) 224-201, with 12 Republicans against it and no Democrats voting for it. The Senate passed the legislation earlier, 51-48 on a party-line vote. The tax bill preserves the low-income housing tax credit (LIHTC), the tax exemption for private activity bonds, the 2018 and 2019 new markets tax credit (NMTC) allocation application rounds, a revised historic tax credit (HTC) and existing phasedowns for the renewable energy investment tax credit (ITC) and production tax credit (PTC).

Friday, December 15, 2017

Tax-exemption for private activity bonds, the 2018 and 2019 new markets tax credit (NMTC) allocation application rounds and a revised historic tax credit (HTC) will be retained under a final version of the Tax Cuts and Jobs Act released by a joint House-Senate conference today. The low-income housing tax credit (LIHTC) is also preserved, as are existing phasedowns for the renewable energy investment tax credit (ITC) and production tax credit (PTC).

Saturday, December 2, 2017

The U.S. Senate early today approved the Tax Cuts and Jobs Act by a party-line 51-49 vote. Sen. Bob Corker, R-Tenn. was the only Republican Senator voting no. The next step will be a conference committee to work out the differences between tax reform versions approved by the Senate and House of Representatives.

Friday, November 10, 2017

The Senate Finance Committee yesterday introduced its version of tax reform legislation. The Senate bill would retain 4 percent and 9 percent low-income housing tax credits (LIHTCs) and tax-exempt multifamily private activity bonds. The bill also preserves the 2018-2019 authorized new markets tax credit (NMTC) allocation rounds. The Senate bill repeals the 10 percent non-historic rehabilitation tax credit (HTC) and reduces the 20 percent HTC to 10 percent.

Thursday, November 2, 2017

The low-income housing tax credit (LIHTC) would be retained, while the tax exemption for private activity bonds, new markets tax credit (NMTC) and historic tax credit (HTC) would be repealed under long-awaited tax reform legislation released today by the House Ways and Means Committee.

Wednesday, November 1, 2017

Novogradac & Company today announced the launch of a resource center with information about current and historic tax reform proposals, www.taxreformresourcecenter.com. The new site arrives as House Republicans prepare to release tax reform legislation. The Tax Reform Resource Center contains news, legislation, advocacy, research and reports, as well as links to blog posts and other materials about tax reform.