All News

Thursday, May 16, 2019

Senate Finance Committee Chairman Chuck Grassley, R-Iowa, and Ranking Member Ron Wyden, D-Ore., today formed five task forces to examine expired and expiring tax extenders. The task forces will cover workforce and community development, health taxes, energy, business cost recovery and individual excise taxes and other temporary policies. There will be a sixth task force for related issues of temporary disaster tax relief.

Tuesday, May 14, 2019

Reps. Earl Blumenauer, D-Ore., and Darin LaHood, R-Ill., today introduced the Renewable Energy Transferability Act, which would allow the transfers of the renewable energy investment tax credit and production tax credit. Provisions would apply to taxable years beginning after the date of the bill’s enactment.

Monday, May 6, 2019

Sen. Ron Wyden, D-Ore., and 24 co-sponsors introduced legislation to create a clean energy production tax credit (PTC) and investment tax credit (ITC) that would consolidate the current 44 current energy incentives. The Clean Energy for America Act of 2019 would create a PTC of up to 2.4 cents per kilowatt-hour for facilities that are at least 35 percent cleaner than average and a 30 percent ITC for facilities with zero carbon emissions.

Monday, April 8, 2019

Rep. Mike Doyle, D-Pa., and two colleagues introduced legislation to expand the renewable energy investment tax credit (ITC) to included energy storage technology. The Energy Storage Tax Incentive and Deployment Act of 2019 would be effective for property placed in service after Dec. 31, 2018, and would subject storage technology to the phasedown of the ITC.

Friday, April 5, 2019

A group of 110 members of Congress sent a letter to House Ways and Means Committee Chairman Richard Neal, calling for any new tax legislation to include clean energy, including restoring and extending the renewable energy investment tax credit (ITC) and production tax credit (PTC).

Wednesday, March 13, 2019

Three Virginia bills to provide a 35 percent state income tax credit for nonresidential solar equipment in specific areas, including opportunity zones, failed to advance in the state Legislature.

Tuesday, March 12, 2019

Legislation to reestablish the state solar energy property tax credit in South Carolina was assigned to the Ways and Means Committee. S. 362 would create a tax credit for 25 percent of the cost of construction or lease of a solar energy property, including installation, but the credit would only be available to property that meets certain qualifications.

Monday, March 11, 2019

The Trump administration today released its proposed $4.7 trillion budget for fiscal year 2020, which proposes reductions in funding for the U.S. Department of Housing and Urban Development (HUD), including the elimination of the Community Development Block Grant (CDBG) and HOME Investment Partnerships programs and the Public Housing Capital Fund. The budget request includes $44.1 billion in gross HUD appropriations, a 16.4 percent cut from FY 2018 levels, and a $9.6 billion, or 18 percent cut from FY 2019, to support the core functions.

Wednesday, March 6, 2019

Reps. Earl Blumenauer, D-Ore., and Jackie Walorski, R-Ind., yesterday introduced the Move America Act of 2019 (H.R. 1508) to spur investment in infrastructure improvements through Move America Bonds and Move America Credits. The bill would expand tax-exempt private activity bonds for infrastructure and create a federal infrastructure tax credit to fund infrastructure projects through public-private partnerships. Sens.

Tuesday, March 5, 2019

The House Ways and Means Subcommittee on Select Revenue Measures will hold a March 12 hearing on tax extenders. The hearing will address dozens of tax incentives that expired at the end of 2017, including the Section 179D energy-efficient commercial buildings deduction and the Section 45L credit for energy-efficient homes. Legislation was introduced in the Senate last week to extend 29 provisions through the end of 2019.

Thursday, February 28, 2019

Sens. Chuck Grassley, R-Iowa, and Ron Wyden, D-Ore., today introduced legislation to retroactively extend through 2019 tax provisions that expired in 2017 and 2018, including two renewable energy provisions. The Tax Extender and Disaster Relief Act of 2019 includes the Section 45L credit for energy efficient homes and the Section 179D energy-efficient commercial buildings deduction.

Friday, January 25, 2019

President Donald Trump today announced a short-term funding agreement to end the partial federal government shutdown after 35 days. The agreement will allow the U.S. Department of Housing and Urban Development to fund expired and expiring housing contracts and will allow the Community Development Financial Institutions (CDFI) Fund to resume movement toward the announcement of new markets tax credit allocations. The legislative measure will fund the government through Feb. 15 and Trump said border security negotiations will continue during the interim.

Wednesday, January 16, 2019

Sens. John Hoeven, R-N.D., and Ron Wyden, D-Ore., today introduced the Move America Act of 2019, legislation that would expand tax-exempt private activity bonds and create a federal infrastructure tax credit to fund infrastructure projects through public-private partnerships. The legislation would allow states to issue tax-exempt bonds in partnership with private entities, with each state receiving a bond allocation based on population size.

Monday, January 14, 2019

The U.S. Court of Federal Claims issued an opinion Jan. 7 that ordered a wind energy developer to pay back more than $5.6 million in Internal Revenue Code Section 1603 cash grants. The court sided with a Department of Treasury’s claim that the wind energy developer inappropriately calculated the grant amount for which it should qualify.

Friday, January 11, 2019

Rep. Joe Neguse, D-Colo., Thursday introduced the Solar Expansion of Distributed Generation Exponentially (Solar EDGE) Act.

Friday, December 14, 2018

The Internal Revenue Service (IRS) yesterday released proposed regulations on the base erosion and anti-abuse tax (BEAT). The BEAT is an alternative tax applicable to large corporations with significant multinational operations, and in some cases could limit the ability of tax credit investors to utilize their tax credits to reduce their BEAT liability.

Tuesday, November 27, 2018

House Ways and Means Committee Chairman Kevin Brady, R-Texas, yesterday released a year-end tax and oversight package that clarifies the general public use requirement for tax-exempt bond-financed low-income housing tax credit properties, especially for veterans. The package also includes tax extenders, including one-year extensions until Dec.

Monday, November 26, 2018

The Internal Revenue Service issued a notice of proposed rulemaking today for a provision of last year’s tax reform legislation that limits the business interest expense deduction for certain taxpayers.

Wednesday, November 7, 2018

Results from Tuesday’s elections–with Democrats taking control of the House of Representatives and Republicans maintaining control of the Senate–and their effect on the affordable housing, community development and renewable energy communities are the subject of a Notes from Novogradac blog post and a

Friday, October 19, 2018

In a Notes from Novogradac blog post, Michael J. Novogradac, discusses how the opportunity zones guidance issued today by Treasury provides answers to many questions and includes information that will help guide investors, fund managers and others.