All News

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.

Friday, January 17, 2020

The annual cap for the Illinois state historic tax credit (HTC) would increase to $45 million, under a bill introduced to the state General Assembly. H.B. 4054 would increase the cap from $15 million. The Illinois HTC is for 25 percent of qualified rehabilitation expenses.

Friday, January 17, 2020

Legislation introduced in the Missouri Senate would change provisions of the state historic tax credit (HTC), including requiring a $5 million allocation of HTCs for historic county courthouses, changing eligibility of properties in qualified census tracts and instituting an HTC cap for specific transactions. S.B.

Friday, January 17, 2020

New York state historic tax credits (HTCs) would be transferrable under legislation introduced in the state Assembly. A. 8491 would amend state law to allow the partial or full transfer of HTCs and would apply to taxable years beginning on or after Jan. 1, 2020.

Friday, January 17, 2020

A bill introduced in the Virginia House of Representatives would increase the transaction cap for the state historic tax credit (HTC) from $5 million to $10 million. H.B. 1156 would be effective Jan. 1, 2020, and would include amounts carried over from prior taxable years. The Virginia state HTC is for 25 percent of qualified rehabilitation expenses.

Friday, January 17, 2020

A bill was pre-filed in the New Jersey state Senate to create 25 percent state historic tax credits (HTCs) for homeowners and business owners. S. 412 would create a business owner HTC that would be taken against the corporation business tax or insurance premium tax liabilities.

Wednesday, January 8, 2020

The Office of the Comptroller of the Currency and Federal Deposit Insurance Corporation will publish their joint notice of proposed rulemaking for updated Community Reinvestment Act (CRA) regulations in Thursday’s Federal Register. The proposed CRA regulations were made public Dec. 12, 2019.

Friday, December 20, 2019

An investor intending to purchase Alabama state historic tax credits (HTCs) in 2019 for a property that generated the credits in 2018 was allowed to claim the credits in 2019, after requesting and receiving a revenue ruling from the Alabama Department of Revenue.

Friday, December 20, 2019

The Georgia Department of Revenue amended regulations for its state historic tax credit (HTC) effective Jan. 2, 2020, to make regulations conform with state law. The changes include new requirements for the historic rehabilitation of historic homes and other structures and allowing two years for a property to be completed after the end of the tax year for which the state HTC was reserved.

Friday, December 13, 2019

The Rhode Island Commerce Corporation is seeking applications for the Rebuild RI Tax Credit Program, including historic rehabilitation properties, affordable housing and mixed-use development in opportunity zones (OZs). There is up to $15 million in credits available.

Thursday, December 12, 2019

The Office of the Comptroller of the Currency (OCC) today released a notice of proposed rulemaking to reform the Community Reinvestment Act (CRA) regulations. The OCC was joined by the Federal Deposit Insurance Corporation, which is one of three federal regulators that oversee the CRA. The Federal Reserve Board of Governors did not sign on.

Tuesday, December 3, 2019

The Internal Revenue Service will publish final regulations to implement the base erosion and anti-abuse tax (BEAT) in Friday’s Federal Register. Treasury Decision 9885 finalizes proposed regulations published Dec. 21, 2018, and is effective Friday.

Friday, November 15, 2019

The Arkansas Department of Finance and Administration issued a revenue legal counsel opinion last month, clarifying that a decreased minimum investment threshold to qualify for the state historic tax credit applies only to rehabilitation developments begun on or after Jan. 1, 2019. A taxpayer asked for guidance on a multi-phase rehabilitation of property over several years.

Wednesday, November 6, 2019

A U.S. District Court ruled this week that a company’s previous historic tax credit (HTC) investments and dealings with the Internal Revenue Service (IRS) concerning those investments are not relevant to a current breach-of-contract lawsuit. The U.S. District Court for the Middle District of Louisiana concluded in Chevron TCI Inc. v.

Monday, November 4, 2019

Gov. Roy Cooper signed a bill Friday extending North Carolina’s state historic tax credit (HTC) by four years. H.B. 399 extends the state HTC’s sunset date from the beginning of 2020 to the beginning of 2024, requiring that the property be placed in service by Jan. 1, 2032.

Monday, November 4, 2019

The Texas Historical Commission adopted amended regulations effective today for the state Historic Tax Credit (HTC) program. The amended regulations concern how the commission staff accepts and reviews state HTC applications and allow the staff to close inactive applications. Closure of an inactive application does not disqualify the applicant from receiving tax credits.

Tuesday, October 29, 2019

The United States Tax Court issued a ruling Monday that a limited liability company’s conservation easement failed to meet the requirement for a charitable contribution deduction, disallowing the charitable conservation easement donation. The ruling in Coal Property Holdings vs.