All News

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).

Friday, December 15, 2017

Tax-exemption for private activity bonds, the 2018 and 2019 new markets tax credit (NMTC) allocation application rounds and a revised historic tax credit (HTC) will be retained under a final version of the Tax Cuts and Jobs Act released by a joint House-Senate conference today. The low-income housing tax credit (LIHTC) is also preserved, as are existing phasedowns for the renewable energy investment tax credit (ITC) and production tax credit (PTC).

Saturday, December 2, 2017

The U.S. Senate early today approved the Tax Cuts and Jobs Act by a party-line 51-49 vote. Sen. Bob Corker, R-Tenn. was the only Republican Senator voting no. The next step will be a conference committee to work out the differences between tax reform versions approved by the Senate and House of Representatives.

Friday, November 10, 2017

The Senate Finance Committee yesterday introduced its version of tax reform legislation. The Senate bill would retain 4 percent and 9 percent low-income housing tax credits (LIHTCs) and tax-exempt multifamily private activity bonds. The bill also preserves the 2018-2019 authorized new markets tax credit (NMTC) allocation rounds. The Senate bill repeals the 10 percent non-historic rehabilitation tax credit (HTC) and reduces the 20 percent HTC to 10 percent.

Thursday, November 2, 2017

The low-income housing tax credit (LIHTC) would be retained, while the tax exemption for private activity bonds, new markets tax credit (NMTC) and historic tax credit (HTC) would be repealed under long-awaited tax reform legislation released today by the House Ways and Means Committee.

Wednesday, November 1, 2017

Novogradac & Company today announced the launch of a resource center with information about current and historic tax reform proposals, www.taxreformresourcecenter.com. The new site arrives as House Republicans prepare to release tax reform legislation. The Tax Reform Resource Center contains news, legislation, advocacy, research and reports, as well as links to blog posts and other materials about tax reform.

Friday, October 13, 2017

The Internal Revenue Service (IRS) today announced that those affected by California wildfires will have until Jan. 31, 2018, to file certain individual and business tax returns and make certain tax payments. The announcement includes an additional filing extension for taxpayers with valid extensions that run out Oct. 16. The IRS is providing relief to seven California counties: Butte, Lake, Mendocino, Napa, Nevada, Sonoma and Yuba.