All News

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the tax exemption for private activity bonds, new markets tax credit (NMTC) and historic tax credit (HTC) would be repealed under long-awaited tax reform legislation released today by the House Ways and Means Committee.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

Thursday, October 26, 2017

President Ronald Reagan expressed strong support of the federal historic tax credit (HTC) program in a clip from a 1984 speech that was released today by the National Trust for Historic Preservation in partnership with the National Trust Community Investment Corporation. Reagan’s speech was taped for the Sept. 14, 1984, National Conference of Revitalization of America’s Towns. In the recording, Reagan heralded the economic sense, jobs and sense of pride from the federal HTC.

Friday, October 20, 2017

Last year saw new records for qualified rehabilitation expenditures and the number of buildings renovated thanks to the federal historic tax credit (HTC), according to a report released today by Rutgers University and the National Park Service. The Annual Report on the Economic Impact of the Federal Historic Tax Credit for FY 2016 covers Oct. 1, 2015, through Sept.

Thursday, October 19, 2017

The West Virginia Legislature on Tuesday approved House Bill 203, which would increase the state historic tax credit from 10 percent to 25 percent for expenditures made on or after Dec. 31. Provisions of the bill would expire Dec. 31, 2022. The bill will be sent to the governor for consideration.

Friday, October 13, 2017

The Internal Revenue Service (IRS) today announced that those affected by California wildfires will have until Jan. 31, 2018, to file certain individual and business tax returns and make certain tax payments. The announcement includes an additional filing extension for taxpayers with valid extensions that run out Oct. 16. The IRS is providing relief to seven California counties: Butte, Lake, Mendocino, Napa, Nevada, Sonoma and Yuba.

Monday, October 2, 2017

The recent change to cap Wisconsin state  historic tax credit (HTC) awards at $500,000 per property beginning July 1, 2018, may affect low-income housing tax credit (LIHTC) applications that are due  Dec. 8. For Wisconsin applicants receiving more than $500,000 in state HTCs, the Wisconsin Housing Economic Development Authority (WHEDA) must receive evidence of approval of Part 1 of the HTC application and submission of Part II by Feb. 15, 2018, for financial participation points for the equity. Applicants who don’t expect Part I approval or to submit Part II of the application before Feb.

Monday, October 2, 2017

The Internal Revenue Service published Notice 2017-58 today, extending the due date from today until Oct. 31 for participants affected by hurricanes Harvey, Irma and Maria to file disclosures for syndicated conservation easement transactions that are identified as tax-avoidance transactions. Notice 2017-10 requires that those transactions must be disclosed each taxable year.

Wednesday, September 27, 2017

The Trump administration and congressional leadership today jointly released a tax reform framework  and highlights summary that would set the top corporate tax rate to 20 percent and eliminate the corporate alternative minimum tax (AMT). The pass-through rate would be set at 25 percent with measures to ensure that personal income and wages are not re-characterized as profits.

Wednesday, September 20, 2017

The Advisory Council on Historic Preservation (ACHP) announced today that it is working with the Federal Emergency Management Agency (FEMA) and with state and tribal historic preservation offices to coordinate disaster recovery efforts for historic properties affected by Hurricanes Harvey and Irma. ACHP also reports that it is working with preservation partners to spur congressional action on supplemental funding and historic tax credits (HTCs) to rehabilitate damaged historic properties.

Friday, September 8, 2017

Reps. Tom Reed, R-N.Y., and Bill Pascrell, D.-N.J., reintroduced a bill that would incentivize investments in areas affected by natural disasters. The National Disaster Tax Relief Act of 2017 would increase low-income housing tax credit (LIHTC) allocations for states that experienced federally declared disasters in 2012-2015.

Tuesday, August 15, 2017

The New York Department of Taxation and Finance issued an advisory opinion that a decision by the state Office of Parks, Recreation and Historic Preservation that a building is in an eligible census tract for the state commercial historic rehabilitation tax credit (HTC) program is controlling and will be followed by the department. The property in question was approved for renovation, but the investor in the tax credits noted that the median family income for the census tract was higher than the statewide median, which prompted questions about the taxpayer’s eligibility for the tax credit.

Thursday, July 27, 2017

Congressional leaders and White House officials today released a joint statement on tax reform, in which they expressed an expectation that comprehensive tax reform will be considered by Congress this fall. The statement pledged a lower tax rate for businesses and unprecedented capital expensing, but did not address limitations on interest deductibility. Legislators will set aside the border adjustment tax (BAT), which has been a point of contention.

Tuesday, July 25, 2017

Entities that receive Rhode Island historic preservation tax credits (HTCs) must file Form TC-100 (Tax Credits and Incentives Disclosure Form) by Aug. 15, according to the Rhode Island Division of Taxation. The applicable Annual Employee Report deadline is Sept. 1. The announcement by the Division of Taxation included five other incentives and taxpayers that receive multiple incentives must file annual reports for each incentive.

Wednesday, June 28, 2017

Michigan legislators introduced a bill this month to restore the state’s historic tax credit (HTC), effective in 2018. The HTC would apply to qualified expenditures for contributing commercial and residential properties in a local historic district–an additional 5 percent to the 20 percent federal credit for income-producing properties and a 25 percent credit for owner-occupied historic homes. Michigan previously had a state HTC from 1999 until 2011.

Monday, June 26, 2017

Institutions of higher education became eligible to claim the Texas state historic tax credit (HTC) June 14, due to legislation that passed earlier this year. HB 1003 adds “an institution of higher education or university system as defined by [the Texas education code],” to the list of organizations exempt from the Internal Revenue Code’s (IRC’s) Section 47 deprecation and tax-exempt use provisions for qualified rehabilitation expenses while claiming the state HTC.

Monday, June 19, 2017

The Community Development Financial Institutions Fund (CDFI Fund) is seeking well-qualified people to serve as application reviewers for the 2017 application round of the New Markets Tax Credit (NMTC) program. Applications for the 2017 NMTC round are due Wednesday and reviews of those applications will be conducted from mid-August through early October.

Friday, June 16, 2017

Senate Finance Committee Chairman Orrin Hatch, R-Utah, today released a letter inviting stakeholder feedback on tax reform.