All News

Tuesday, August 6, 2019

The Internal Revenue Service published a revenue procedure providing guidance that allows a taxpayer to make a late bonus depreciation election or to revoke a bonus depreciation election for certain qualified property acquired after Sept. 27, 2017 and placed into service during a taxable year that includes Sept. 28, 2017. Revenue Procedure 2019-33 incorporates changes made in tax reform legislation in late 2017 and became effective July 31.

Thursday, July 25, 2019

The House of Representatives today passed a two-year, $2.7 trillion discretionary budget agreement by a 284-149 vote. The agreement would also suspend the federal debt ceiling until July 31, 2021. The budget deal would give defense programs a 3 percent increase from $647 billion in fiscal year 2019 to $666.5 billion in fiscal year 2020 and nondefense programs a 4 percent increase from $597 billion in fiscal year 2019 to $621.5 billion in fiscal year 2020. The fiscal year 2021 spending caps would be $671.5 billion for defense and $626.5 billion for nondefense.

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, March 5, 2019

The Internal Revenue Service will publish a notice in Wednesday’s Federal Register announcing a public hearing March 25 at 1 p.m. concerning proposed regulations for guidance on the Base Erosion and Anti-Abuse Tax (BEAT). The proposed regulations will cover payments required and reporting requirements. BEAT was added to the Internal Revenue Code by tax reform legislation at the end of 2017. The IRS must receive outlines of topics addressed by speakers by March 15.

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.

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

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.

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.