All News

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.

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.

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.

Wednesday, January 17, 2018

A client alert issued today by Novogradac & Company explains the new federal Base Erosion and Anti-abuse Tax (BEAT) and discusses its implications to tax credit communities. The alert, written by Michael Novogradac, CPA, and Nicolo Pinoli, CPA, explains who is affected, how the BEAT is calculated and how the BEAT may affect future tax credit investments.

Thursday, January 11, 2018

A client alert posted today by Novogradac & Company explains the basics of Opportunity Zones, a community development tool included in tax reform legislation passed by Congress and signed into law by President Donald Trump. The document explains benefits to Opportunity Zones investors, defines Opportunity Zones and Opportunity Funds, and previews the next steps for the new program. 

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.

Wednesday, November 29, 2017

The U.S. Senate today recorded a party-line 52-48 vote to begin the 20-hour debate period for the Tax Cuts and Jobs Act tax reform legislation. After the 20-hour period ends, the Senate will begin “vote-o-rama” proceedings in which final amendments may be considered.

Wednesday, November 29, 2017

A letter signed by 21 House Republicans yesterday objects to the proposed elimination of tax-exempt private activity bonds (PABs) and advanced refunding bonds in the Tax Cuts and Jobs Act (H.R. 1).

Tuesday, November 28, 2017

The Senate Budget Committee today advanced the Tax Cuts and Jobs Act to the full Senate by a 12-11 party-line vote. The bill will now go to the Senate floor, where Republicans hope to hold a vote this week. The House of Representatives already passed another version of the tax reform bill, which would need to be reconciled with Senate legislation if that bill passes.

Friday, November 17, 2017

The Idaho Housing and Finance Association (IHFA) Thursday announced that two programs may close at the end of the year if tax reform legislation being considered by Congress results in the elimination of tax-exempt status for private activity bonds (PABs). If the legislation repeals the tax-exempt status for PABs, the Mortgage Credit Certificate will be available on loans closed no later than Dec. 31 and all loans reserved for the First Loan program before Nov. 14 must be delivered to IHFA no later than Dec.

Friday, November 17, 2017

The Senate Finance Committee advanced the Tax Cuts and Jobs Act Thursday, moving the tax reform legislation to the full Senate for consideration. The 14-12 vote was along party lines and came the same day as the House of Representatives passed its version of the legislation.

Thursday, November 16, 2017

The U.S. House of Representatives today passed by a 227-205 vote The Tax Cuts and Jobs Act (H.R. 1). The legislation would repeal the new markets tax credit (NMTC), historic tax credit (HTC) and tax-exempt status for private activity bonds, including multifamily housing bonds that trigger four percent low-income housing tax credits (LIHTCs), while cutting the top corporate tax rate to 20 percent, effective Jan. 1, 2018. No House Democrats voted for H.R.

Wednesday, November 15, 2017

The Colorado Housing and Finance Authority (CHFA) posted an updated frequently asked questions document Tuesday in reaction to the House of Representatives version of the Tax Cuts and Jobs Act (H.R. 1), which proposes an end to the tax-exempt status for private activity bonds.

Wednesday, November 15, 2017

Senate Finance Committee Chairman Orrin Hatch, R-Utah, yesterday released a modified chairman’s mark of the Senate’s Tax Cuts and Jobs Act, including some changes from S. 548, legislation introduced by Sen. Maria Cantwell, D-Wash., and Hatch to strengthen the low-income housing tax credit (LIHTC).

Tuesday, November 14, 2017

The California Tax Credit Allocation Committee (CTCAC) is preparing a strategy for the possible elimination of tax-exempt private activity bonds through federal tax reform, according to an announcement today by Mark Stivers, the executive director.

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.