Recent News

Monday, August 8, 2022

In a party-line vote, the U.S. Senate advanced sweeping $700 billion-plus legislation Sunday that includes $369 billion in clean and renewable energy provisions, including extensions of the production tax credit (PTC) and investment tax credit (ITC) for facilities that start construction after Jan. 1, 2022, and before Jan. 1, 2025. Under the reconciliation bill, the PTC is extended at $26 per megawatt-hour, adjusted by inflation annually, while the ITC is extended at 30% for projects that adhere to labor requirements on prevailing wages and apprenticeship programs. The legislation includes many other green energy provisions, including the expansion of the 30% ITC for stand-alone energy storage and interconnection property. The bill now goes to the House of Representatives, which will take up debate Friday.

Thursday, July 28, 2022

Senate Majority Leader Chuck Schumer, D-New York, and Sen. Joe Manchin, D-West Virginia, announced a deal on sweeping reconciliation legislation that includes several major renewable energy provisions, including extensions of the production tax credit (PTC) and investment tax credit (ITC). The Inflation Reduction Act of 2022 also includes a 15% corporate minimum tax, increased tax enforcement resources, an extension of the Affordable Care Act premium tax incentives and prescription drug reform.

Friday, June 24, 2022

Legislation effective this week in South Carolina retroactively extends the state solar tax credit. S.901 reinstates the 25% state credit that expired Dec. 31, 2021, for solar energy property on specified locations and allows the credit to be taken by a partnership or limited liability company taxed as a partnership. The legislation increases the project cap from $2.5 million to $5 million and allows the credit to be taken in five equal installments beginning within three years of the year in which the property is placed in service.

Tuesday, June 14, 2022

The proposed global minimum tax and its potential effect on community development tax credit equity investments is the subject of this week’s Novogradac Tax Credit Tuesday podcast episode. Michael Novogradac, CPA, and Novogradac partner Brad Elphick, CPA, discuss the proposal and potential approaches to mitigate the damage to tax credit equity investment. They also examine next steps in the proposal and for community development tax credit stakeholders. Novogradac has also published a white paper on the subject called Pillar Two and Tax Credit Equity Investments and is seeking public comment on the paper. Comments may be sent to [email protected]

The weekly Tax Credit Tuesday podcast offers an in-depth discussion of various tax incentive topics with expert guests.

Thursday, May 5, 2022

The three major federal bank regulatory agencies today issued a joint notice of proposed rulemaking to strengthen and modernize Community Reinvestment Act (CRA) regulations. The Office of the Comptroller of the Currency (OCC), Board of Governors of the Federal Reserve System (Fed) and Federal Deposit Insurance Corporation (FDIC) jointly issued the proposal, which would be the first significant interagency revision to the CRA since 1995. The proposal would adopt a metrics-based approach to CRA evaluation of retail lending and community development financing that includes public benchmarks. The rule would also clarify eligible CRA activities that are focused on low- and moderate-income, rural and underserved communities, including affordable housing. 

RETC Working Group
icon retc working group
Participate in the discussion on the latest RETC trends and issues.
Subscription Center
icon_subscription
Stay informed. Subscribe to receive breaking news and special offers.