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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.

Friday, October 19, 2018

The Treasury Department today released the first tranche of proposed guidance for the opportunity zones (OZ) incentive, addressing gains invested in qualified opportunity funds. Treasury also released a related revenue ruling. Treasury will accept comments for 60 days.

Friday, September 21, 2018

Sens. Tim Scott, R-S.C., and Michael Bennet, D-Colo., on Thursday wrote a letter to U.S. Secretary of the Treasury Steven Mnuchin requesting clarification on whether energy storage technologies qualify for the renewable energy investment tax credit (ITC) when added to an existing ITC-eligible technology. The senators requested that the clarification be included in the Internal Revenue Service’s (IRS’s) 2018-2019 Priority Guidance Plan.

Monday, September 10, 2018

Rep. Kevin Brady, R-Texas, today highlighted the introduction of three bills that he said constitute the Tax Reform 2.0 package from Republicans on the House Ways and Means Committee. None of the bills contain provisions directly impacting affordable housing, community development or historic preservation programs. The legislation will lock in individual and small business tax cuts made in the legislation passed in December 2017, and reform savings- and education-related tax provisions.

Thursday, August 23, 2018

U.S. wind power capacity grew by more than 7,000 megawatts (MW) in 2017 to a nearly 90,000 MW, driven largely by the looming production tax credit (PTC) phasedown, according to the U.S. Department of Energy’s 2017 Wind Technologies Market Report, released by Office of Energy Efficiency and Renewable Energy. The report says Texas remains the leader among states in installed capacity, with Oklahoma and Kansas ranking second and third.

Thursday, August 9, 2018

The Vermont Department of Taxes revised Technical Bulletin 45 to clarify administrative details of the state solar energy investment tax credit (ITC). No functional aspects of the credit were changed, but the bulletin clarifies that the Vermont solar tax credit is 24 percent of the federal ITC and is only available for the Vermont-property portion of the investment.

Wednesday, June 27, 2018

A letter from Sen. Rand Paul, R-Ky., to Treasury Secretary Steven Mnuchin dated May 8 calls for Treasury to withdraw the 2016 continuity safe harbor for the wind production tax credit (PTC) and return it to the 2013 two-year window. The letter also calls for the withdrawal of current Internal Revenue Service (IRS) guidance that allows taxpayers to purchase wind turbines in a PTC-eligible year, then transfer them to a new project in a different year and still qualify for the PTC that was available in the original purchase year.

Monday, June 25, 2018

The Internal Revenue Service today released Notice 2018-59, establishing beginning-of-construction guidance for the renewable energy investment tax credit (ITC) under Section 48 of the Internal Revenue Code. The notice provides two methods for taxpayers to establish the beginning of construction: a physical work test and a 5 percent safe harbor.

Wednesday, June 20, 2018

Two senators asked the Treasury Department to prioritize guidance on construction start dates for solar energy property eligible for the investment tax credit (ITC). Sens. Maria Cantwell, D-Wash., and Dean Heller, R-Nev., sent a letter June 7 asking Treasury to clarify what constitutes “begun construction” for property receiving the ITC.

Monday, April 30, 2018

The amount claimed using the federal renewable energy production tax credit (PTC) and investment tax credit (ITC) declined from 2013 to 2016, according to a report from the U.S. Energy Information Administration.

Friday, April 27, 2018

The Internal Revenue Service (IRS) and Treasury Department today published Notice 2018-43 to invite public recommendations on what should be included in the 2018-2019 priority guidance plan. The 2018-2019 priority guidance plan will identify which guidance projects that Treasury and the IRS will prioritize from July 1, 2018, to June 30, 2019. The deadline to submit recommendations for possible inclusion in the original 2018-2019 priority guidance plan is June 15.

Friday, April 27, 2018

A bipartisan group of legislators last week introduced the Protecting American Solar Jobs Act (H.R. 5771), a bill to repeal the 30 percent tariff on imported solar panel technology enacted in February. Companies that have imported affected solar products under the new tariff would receive retroactive reimbursement.

Monday, February 12, 2018

President Donald Trump’s proposed $4.4 trillion fiscal year 2019 (FY 2019) budget would cut by 18 percent U.S. Department of Housing and Urban Development (HUD) programs and would eliminate the HOME Investment Partnerships program, Community Development Block Grant program and Public Housing Capital Fund. Funding for HUD would be $6.8 billion less than annualized funding levels as per the continuing resolution for FY 2018 under the proposed FY 2019 budget.

Friday, February 9, 2018

President Trump today ended a brief government shutdown by signing the Bipartisan Budget Act of 2018, a two-year, $300 billion increase to the defense and nondefense spending caps for fiscal years 2018 and 2019.

Wednesday, February 7, 2018

The Department of Treasury today released a second-quarter update to its 2017-2018 Priority Guidance Plan. Guidance for Opportunity Zones created under the new tax law was added in this update.

Monday, January 22, 2018

The United States will impose tariffs of 30 percent on imported solar panels after President Donald Trump issued a decision in response to a petition from American manufacturers Suniva and SolarWorld Americas Inc.

Friday, December 22, 2017

A client alert authored by Novogradac & Company partner Stephen Tracy, CPA, highlights the impact of the Tax Cuts and Jobs Act on the renewable energy tax credit industry.

Friday, December 22, 2017

President Donald Trump today signed the Tax Cuts and Jobs Act (H.R. 1). The legislation, which goes into effect Jan. 1, 2018, preserves the low-income housing tax credit (LIHTC), tax exemption for private activity bonds, the 2018 and 2019 new markets tax credit (NMTC) allocation application rounds, a revised historic tax credit (HTC) and existing phasedowns for the renewable energy investment tax credit (ITC) and production tax credit (PTC).

Wednesday, December 20, 2017

The House of Representatives today passed the Tax Cuts and Jobs Act (H.R. 1) 224-201, with 12 Republicans against it and no Democrats voting for it. The Senate passed the legislation earlier, 51-48 on a party-line vote. The tax bill preserves the low-income housing tax credit (LIHTC), the tax exemption for private activity bonds, the 2018 and 2019 new markets tax credit (NMTC) allocation application rounds, a revised historic tax credit (HTC) and existing phasedowns for the renewable energy investment tax credit (ITC) and production tax credit (PTC).