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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.

Thursday, June 15, 2017

The Internal Revenue Service (IRS) today published in the Federal Register a notice of proposed rulemaking, public hearing and withdrawal of notice of proposed rulemaking concerning centralized partnership audit regime. The new regulations provide rules for partnerships under the Bipartisan Budget Act of 2015. The proposed rules published Feb. 13, 2009, are withdrawn. Comments on the proposal must be submitted by Aug. 14.

Tuesday, May 30, 2017

Alabama last week enacted legislation to authorize a refundable state historic tax credit (HTC) program. H.B. 345 creates a new state HTC program that would make up to an aggregate $100 million available for tax years 2018 through 2022. A previous state HTC program expired in 2016 after legislation to renew it died in committee. 

Friday, May 26, 2017

The National Trust for Historic Preservation, the Historic Tax Credit Coalition, Preservation Action, the National Conference of State Historic Preservation Officers and Main Street America are circulating a sign-on letter urging Senate Finance Committee Chairman Orrin Hatch and Ranking Member Ron Wyden and House Ways and Means Committee Chairman Kevin Brady and Ranking Member Richard Neal to retain and enhance the historic tax credit (HTC) in tax reform.

Friday, May 26, 2017

The National Trust for Historic Preservation, the Historic Tax Credit Coalition, Preservation Action, the National Conference of State Historic Preservation Officers and Main Street America are circulating a sign-on letter urging Senate Finance Committee Chairman Orrin Hatch and Ranking Member Ron Wyden and House Ways and Means Committee Chairman Kevin Brady and Ranking Member Richard Neal to retain and enhance the historic tax credit (HTC) in tax reform.

Thursday, May 25, 2017

Sens. Ron Wyden, D-Ore., and John Hoeven, R-N.D., today reintroduced the Move America Act of 2017 and released a section-by-section summary of the bill. The legislation would create additional tax-exempt bonds and new tax credits to be used for public-private partnership funding of infrastructure projects.

Tuesday, May 23, 2017

President Donald Trump today released his $4.1 trillion fiscal year 2018 (FY 2018) budget request, which includes a $7.4 billion cut to $40.7 billion for U.S. Department of Housing and Urban Development (HUD) gross discretionary funding–a 15 percent reduction that includes the elimination of Community Development Block Grant (CDBG) formula grants, the HOME Investment Partnerships program and the Choice Neighborhoods Initiative.

Friday, April 28, 2017

The Internal Revenue Service (IRS) released Notice 2017-29, which extends the due date for participants filing disclosures under Notice 2017-10  from June 21 to Oct. 2. Notice 2017-29 relates to certain syndicated conservation easement transactions–including those using historic tax credits (HTCs)–that are identified as tax-avoidance transactions.

Tuesday, April 18, 2017

A bill to establish a state historic tax credit (HTC) was passed by the Nevada Assembly’s taxation committee and will now be heard by the entire Assembly. Nevada AB 370 would establish a transferable state HTC worth 20 percent of the qualified rehabilitation expenses that could be applied to the modified business tax, gaming license fee or insurance premium tax. It would be effective July 1.

Wednesday, March 29, 2017

Virginia Gov. Terry McAuliffe last week signed S.B. 1034, which limits the annual state historic tax credit (HTC) to $5 million for each of the next two years, effective July 1. The Virginia state HTC previously had no statewide cap. The bill applies to calendar years 2017 and 2018.

Wednesday, March 15, 2017

The Advisory Council on Historic Preservation this week released a report, “The National Historic Preservation Program at 50: Priorities and Recommendations for the Future,” to analyze and make recommendations about the federal historic tax credit (HTC) program. The report includes 12 recommendations to advance preservation priorities, each with specific suggested actions–including that Congress should commit to supporting the HTC during tax reform.