Recent News
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.
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.
Organizations face a Friday deadline to sign on to a letter calling for Congress to extend the new markets tax credit (NMTC) incentive. The New Markets Tax Credit Coalition letter calls for a permanent extension and expansion of the NMTC along the lines of the New Markets Tax Credit Extension Act.
Democratic presidential candidate Joe Biden today released a plan to invest $1.3 trillion in infrastructure over 10 years, including permanence for the new markets tax credit (NMTC) incentive and a restoration of the renewable energy investment tax credit (ITC). Biden, a former U.S.
The Kentucky Department of Revenue issued a private letter ruling (PLR) Nov. 5 concerning a proposed stacked leverage structure in a transaction made using the state’s new markets tax credit. KY-PLR-19-10 includes 13 conclusions related to the specific request, including that loans made by sub-community development entities qualify as qualified low-income community investments if they meet specific requirements.
