All News

Friday, March 27, 2020

President Donald Trump today signed the Coronavirus Aid, Relief and Economic Security (CARES) Act (Senate Amendment to H.R. 748), a $2 trillion bill that includes financial aid to individuals, businesses, nonprofits and state and local governments.

Friday, March 27, 2020

The House of Representatives today passed the Coronavirus Aid, Relief and Economic Security (CARES) Act (Senate Amendment to H.R. 748), by a voice vote, sending the bill to President Donald Trump, who has said he would immediately sign the legislation. The $2 trillion bill includes financial aid to individuals, businesses, nonprofits and state and local governments.

Thursday, March 26, 2020

The House of Representatives will take up discussion of the Coronavirus Aid, Relief and Economic Security (CARES) Act (Senate Amendment to H.R. 748), after the Senate passed the COVID-19 relief legislation by a 96-0 vote last night. The House is expected to vote by Friday and President Donald Trump has said he would sign the legislation.

Wednesday, March 25, 2020

Novogradac’s Michael J. Novogradac, CPA, and Peter Lawrence detail in a blog post provisions of the nearly $2 trillion COVID-19 legislation that the U.S. Senate is considering. The post explains provisions in the so-called Phase 3 COVID-19 legislation concerning individuals and businesses, and provides an overview of supplemental appropriations in the legislation.

Thursday, March 19, 2020

President Donald Trump signed legislation late Wednesday that includes free testing for COVID-19, paid leave benefits for many workers and a boost in unemployment and food assistance. The Families First Coronavirus Response Act (H.R. 6201) was passed by both chambers of Congress and signed into law in seven days.

Wednesday, March 18, 2020

The U.S. Senate today passed legislation that includes free testing for COVID-19 and paid leave benefits for many Americans affected by the pandemic, sending the legislation to President Donald Trump’s desk.

Wednesday, March 18, 2020

The Internal Revenue Service today issued Notice 2020-17, extending the April 15 tax payment deadline to July 15, up to specific thresholds. Tax returns are still due April 15, but individual taxpayers can postpone up to $1 million in federal income tax payments while corporate taxpayers can postpone up to $10 million in federal income tax payments.

Monday, March 16, 2020

Novogradac has a new web page with legislation, guidance and other information on how federal and state responses to the COVID-19 pandemic affect affordable housing, community development and renewable energy communities. There are sections dedicated to the low-income housing tax credit, the U.S.

Saturday, March 14, 2020

The House of Representatives today passed sweeping coronavirus relief legislation, which was endorsed by President Donald Trump and goes to the Senate on Monday. H.R. 6201 would expand testing for COVID-19, include paid sick leave for employees at companies with 500 or fewer employees, provide a tax credit against self-employment tax and provide approximately $1 billion for food security programs. The bill passed by a 363-40 vote.

Tuesday, March 10, 2020

New Mexico Gov. Michel Lujan Grisham last week signed legislation to create a state solar market development income tax credit, effective Jan. 1, 2020. S.B. 29 is for 10 percent of the purchase and installation of solar thermal or photovoltaic systems from March 1, 2020, until Dec. 31, 2027.  The annual statewide cap is $8 million on a first-come, first-served basis, with a taxpayer cap of $6,000 per year.

Thursday, February 13, 2020

Senate Finance Committee Chairman Chuck Grassley, R-Iowa, today released a letter that responded to a letter from 27 Senate Democrats that criticized a lack of hearings on energy policy.

Wednesday, February 12, 2020

Twenty-seven Senate Democrats asked Senate Finance Committee Chairman Chuck Grassley, R-Iowa, to hold a hearing on tax policies to incentivize green energy policies. The senators, led by Senate Finance Committee Ranking Member Ron Wyden noted in a Feb. 11 letter to Grassley that, “nearly three dozen different energy bills” have been introduced in Congress and highlighted a variety of energy issues.

Monday, February 10, 2020

The White House today released its proposed $4.8 trillion budget for fiscal year (FY) 2021 that includes an $8.6 billion (15 percent) decrease in funding for the U.S. Department of Housing and Urban Development (HUD), with the elimination of the Community Development Block Grant and HOME Investments Partnership programs.

Tuesday, January 21, 2020

Legislation introduced in the Hawaii House of Representatives would clarify that a power purchase agreement approved by the state public utilities commission before Dec. 31, 2019, would receive a 35 percent investment tax credit up to the applicable cap amount of $500,000. The text of H.B.

Friday, January 17, 2020

Legislation in the Arizona Legislature would extend the state’s renewable energy production tax credit (PTC), while reducing the annual cap. H.B. 2290 would extend the sunset date for the state PTC by 10 years to Jan. 1, 2031, while decreasing the annual cap per taxpayer from $2 million to $200,000 beginning Jan. 1, 2021. The annual statewide cap would remain $20 million.

Friday, January 17, 2020

Legislation in the Virginia House of Representatives would create a state renewable energy investment tax credit (ITC). H.B.

Thursday, January 9, 2020

Rep. Tom Reed, R-N.Y., and five colleagues–two Republicans and three Democrats–introduced the Energy Sector Innovation Credit Act of 2019, which would create a technology-neutral tax credit for clean energy and storage. H.R. 5523 would create a tax credit for 30 percent of the basis of any qualified emerging energy property placed in service during a taxable year.

Wednesday, January 8, 2020

The Office of the Comptroller of the Currency and Federal Deposit Insurance Corporation will publish their joint notice of proposed rulemaking for updated Community Reinvestment Act (CRA) regulations in Thursday’s Federal Register. The proposed CRA regulations were made public Dec. 12, 2019.

Monday, December 23, 2019

President Donald Trump late Friday signed two budget bills totaling $1.4 trillion–bills that include a one-year extension of both the new markets tax credit (NMTC) and renewable energy production tax credit (PTC), as well as an estimated $1 billion in low-income housing tax credit (LIHTC) allocation authority for California. The two measures fund the government for fiscal year 2020, which ends Sept. 30, 2020.

Tuesday, December 17, 2019

One of two year-end fiscal year 2020 spending bills for the federal government includes a one-year extension of the new markets tax credit (NMTC) at $5 billion, a one-year extension of the production tax credit (PTC) for wind at the phasedown rate of 60 percent and a nearly $1 billion disaster allocation of low-income housing tax credits to California after it was hit by wildfires in 2017 and 2018.