This webinar recording addresses affordable housing, community development, renewable energy and energy efficiency tax provisions included in the fiscal year (FY) 2021 Omnibus Appropriations and COVID-19 Relief Legislation.

Original Air Date: January 7, 2021
Duration: 1.5 hours
Access to Recording Expires: January 7, 2022

Instructors

Michael Novogradac, CPA
Managing Partner
Novogradac

Nat Eng, CPA
Partner
Novogradac

Dirk Wallace, CPA
Partner
Novogradac

Karen Destorel
Tax Policy Research Associate, Public Policy
Novogradac

Peter Lawrence
Director of Public Policy and Government Relations
Novogradac

Topics Covered

Low-income housing tax credits

• 4% floor, with a focus on the effective date
• Disaster LIHTC authority; additional states beyond California-only and more flexible timeline; new precedent of Congress 10% test deadline for properties in disaster areas
• Benefit of 30-year ADS depreciation being expanded to properties placed in service before Jan. 1, 2018

New markets tax credits

• Five-year extension at $5 billion per year

Renewable energy tax credits

• PTC extension at 60% through end of 2021
• ITC extension at 26% through end of 2022
  • Waste heat to power added to ITC eligibility
• Offshore wind extended to end of 2025 at 30%

Carbon credits

Energy efficiency

• IRC Section 179D commercial property deduction for energy efficiency improvements made permanent
  • Can be used for multifamily housing
  • Energy efficiency standards updated annually
  • Per square foot credit indexed for inflation
• IRC Section 45L new energy efficient home tax credit extended through end of 2021
  • $2,000 per-unit tax credit

Target Audience

All parties involved in community development tax incentives—developers, lenders, investors, government officials, attorneys, accountants, and others.

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